Average Age of Homes in Providence
The average age of homes in Providence is 78 years old according to bestplaces.com. However, the average age of a house in Rhode Island is 60 years old. So, let us go a little further with some data before we dive into the buying and selling of older homes.
The Median Years of Homes in the United States
According to the 2011 American Housing Survey, the median year in which homes were built was in 1974. That makes the average home in 2020, 46 years old! Data: U.S. Census Bureau
There are so many statistics one could ask pertaining to every state or town in the US. For now, look at how Rhode Island compares to New York, for instance. New York has the oldest median age of a home in the country at 63 years old. Next, Rhode Island and then Massachusetts (59), followed by Pennsylvania (57), and Connecticut (55).
Is An Old Home Right For You?
First, the definition of an old home is anything older than 50 years old. So, this leads us to another question. When is a house too old? It is really more about the condition of the home.
Second, before considering an old house read the following suggestions from Cabretta Capital. “You will want to educate yourself on the property, learn about any restrictions or guidelines in place, and really examine the house’s structure and maintenance needs as well as your budget.”
In the above-mentioned article, Ken Lyon, Associate City Planner and Historic Preservation Officer in Palm Springs, California sounds the warning for a potential buyer. A buyer with no interest in learning the history of the community, or someone who wants to modernize an older home, should maybe look elsewhere. “There is a responsibility in owning a historically designated home in terms of maintenance and upkeep, and honoring aspects of the house that make it significant.”
Pros and Cons of An Old House or A New House
Finally, there is a lot to consider regarding the pros and cons of buying an old house or a new house. Briefly, here is the main takeaway:
- There is no clear relationship between the age of a home and its price.
- Older homes often have larger lots but less storage space, and they are more likely to need repairs.
- Newer homes tend to be larger but have smaller lots, and they are more likely to be energy-efficient and built to code.
To read more in depth on the pros and cons click this link.
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