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America Counts: Stories Behind the Numbers
Buying an Older Home? Consider Upkeep Costs, Not Just Purchase Price
Initial costs of upkeep were higher for new owners of older homes than for those who had lived in their homes for at least 10 years, according to recently released Census Bureau data.
The 2021 American Housing Survey (AHS) shows that in 2021, the median age of all owned homes was 41 years. Older homes ? those built before 1950 ? made up about 17% of homes and their owners spent a median of $1,800 a year on upkeep.
Upkeep includes both home improvement projects such as remodeling a kitchen or installing a security system and routine maintenance such as painting, plumbing, roofing and other minor repairs.
The AHS asks homeowners how much they spent on home improvements over the previous two years, or since they moved in if they had lived in the home less than two years.
Continue reading?to learn more about:
- Types of home improvement
- Spending by home size
- Spending by home value
- Characteristics of owners of older homes in 2021
- More housing data
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