Harvard University’s Joint Center for Housing Studies | Improving America’s Housing 2019
In its March 12 report, “Improving America’s Housing 2019,” Harvard University’s Joint Center for Housing Studies (JCHS) found that, with new construction recovering slowly from historic lows, almost 80 percent of the nation’s 137 million homes are now at least 20 years old and 40 percent are at least 50 years old. The aging housing stock created a $424 billion remodeling and renovation market in 2017 — a market that grew by more than 50 percent since 2010. According to JCHS, the surge in rental demand following the housing crisis prompted owners to invest in substantial upgrades to units. Homeowners also had some catching up to do on maintenance and replacements deferred during the downturn, particularly on properties converted to rentals or left vacant for extended periods.