While a great deal of attention has been focused on the influx of Millennials into the homeownership experience, a new LendingTree
study reveals that more senior households are the core of this experience.
In a study of the nation’s 100 largest metro areas, LendingTree determined that the average age of a homeowner is 54. Indeed, only two metro areas–Utah’s Provo and Ogden markets–had an average homeowner age lower than 50. North Port, Fla., had the nation’s oldest average homeowner age at 63.3 years, while Florida was home to seven of the 10 metro areas with the oldest averages for homeownership.
“It’s no secret that young and old people gravitate toward different parts of the country,” said said LendingTree Chief Economist Tendayi Kapfidze. “Florida is a well-known haven for retirees, while places such as San Francisco and Austin, Texas, have emerged as Millennial boomtowns over the past few years.”