Homeowners in Florida’s four biggest metro areas are older than most of their counterparts across the U.S. According to a study by LendingTree, Florida is clearly a popular haven for retirees, while Denver and Austin, Texas, have emerged as millennial hot spots.
LendingTree used Census data to study the average age of homeowners across the U.S. and ranked the nation’s 50 largest metros based on the average age of its homeowners, from youngest to oldest. The study also includes the home price growth and household income growth for each of the average age of homeowners.
The average age of a homeowner is 55 nationwide, and there is no metro in the study where the average is less than 50, LendingTree’s researchers note. “This high average age is due in part to the numerous obstacles that younger home buyers must face, from lack of savings to poor credit,” they note.
The metros with the highest average homeowner age: Miami (58.7); Tampa, Fla. (58.3); San Diego (57.1); Los Angeles (57.1); and New York (56.9).
On the other hand, the metros with the youngest homeowners are Salt Lake City (51.8); Austin, Texas (52.4); Raleigh, N.C. (52.5); Minneapolis (53.1); and Denver (53.2).
“In general, our study suggests that as homeowners get older, home prices and incomes grow more slowly,” researchers note.
Florida metro age rankings
- Orlando is Florida’s youngest city in terms of average owner age at 55.7 years, which is still notably higher than the overall average age of 38.6 years. It ranked No. 28 among the 50 metro areas studied by LendingTree.
- Jacksonville came in at No. 38, with an average homeownership age of 56.2 compared to an overall resident age of 39.2.
- At No. 49, Tampa homeowners’ average age is 58.3 compared to an overall population age of 41.9.
- Miami, at No. 50 and last on the list, the average age is 58.7 compared to an overall population age of 41.2.
Source: “LendingTree Compares Average Homeowner Age Across the 50 Largest U.S. Metropolitan Areas,” LendingTree (Dec. 9, 2019)