Metros with the largest share of old houses

Old houses are a snapshot in history. Unique features such as crown molding, paneling, arched doorways, and stained glass windows make a statement that is difficult to replicate with newer constructions.

If you’re looking to establish your roots in a vintage home, remember that historic charm can outweigh today’s most tantalizing amenities. Some buyers seek out old homes not only for their charm, but also for a sense of privacy that some newer homes with expansive and airy open floor plans cannot provide.

To determine where old houses are most prevalent, a new study of the online loan market used LendingTree Census data to measure the proportion of old houses β€” defined as housing units built in or before 1939 β€” in each of the country’s 50 largest metropolitan areas. analyze.

The research found that not only are old houses much more common in some subways than others, but their values ​​can vary significantly relative to the value of all homes in a given area.

Boston, Buffalo, New York, and Providence, Rhode Island are the subways with the highest proportion of homes built in or before 1939. During that period, an average of nearly 32% of homes were built in these areas, compared to an average of 11.3. % all over the country.

On the other hand, Las Vegas, Phoenix and Orlando, Florida are the subways with the lowest proportion of old homes. On average, only 0.94% of the homes in these metros were built in or before 1939.

While there are exceptions like San Francisco, subways with warmer climates tend to have fewer old homes. Built in an era before amenities like air conditioners were widespread, older homes often fare worse in the heat than newer ones and are therefore less common in warm parts of the country.

The median value of homes built in 1939 or earlier varies significantly across the country. In Washington, DC, for example, the median value of homes built in or before 1939 is $630,000, more than $200,000 higher than the median value of all homes in the area.

However, in Kansas City, Missouri, the median value of homes built during the same time period is only $112,400, which is nearly $71,000 cheaper than the median value of all homes in the area.

Here are metros with the largest share of housing built in 1939 or earlier.

1. Boston

Total number of homes: 1,958,465

Percentage built in 1939 or earlier: 33.19%

Median Value – All Housing Units: $437,500

Median Value – Homes Built 1939 or Earlier: $469,000

Difference between median value of all homes and of units built in 1939 or earlier: -$31,500

2. Providence, Rhode Island

Total number of homes: 703.610

Percentage built in 1939 or earlier: 31.38%

Median Value – All Housing Units: $276,900

Median Value – Homes Built 1939 or Earlier: $241,700

Difference between median value of all housing units and units built in 1939 or earlier: $35,200

3. Buffalo, New York

Total number of homes: 528,735

Percentage built in 1939 or earlier: 31.33%

Median Value – All Housing Units: $148,500

Median Value – Homes Built 1939 or Earlier: $115,000

Difference between median value of all homes and of units built in 1939 or earlier: $33,500

Subways with the smallest share of homes built in 1939 or earlier

1. Las Vegas

Total number of homes: 899,870

Percentage built in 1939 or earlier: 0.39%

Median Value – All Housing Units: $262,700

Median Value – Homes Built 1939 or Earlier: $207,600

Difference between median value of all homes and units built in 1939 or earlier: $55,100

2. Phoenix

Total number of homes: 1,915,023

Percentage of homes built in 1939 or earlier: 0.91%

Median Value – All Housing Units: $250,000

Median Value – Homes Built 1939 or Earlier: $213,800

Difference between median value of all housing units and units built in 1939 or earlier: $36,200

3. Orlando, Florida

Total number of homes: 1,032,603

Percentage of homes built in 1939 or earlier: 1.53%

Median Value – All Housing Units: $221,600

Median Value – Homes Built 1939 or Earlier: $260,000

Difference between the median value of all housing units and units built in 1939 or earlier: $38,400

Here are the 50 largest metros listed by proportion of homes built in or before 1939.

If you’re considering buying an older home, LendingTree recommends considering the following factors:

Take into account additional costs associated with the age of a home. Older homes often require more extensive remodeling and maintenance than newer homes. That’s why it’s important to have the money you need to keep things like electrical wiring up to date.

Once you’ve lived in your home for a while and built up some equity in it, you may want to consider using an equity loan to pay for major projects, such as updating your kitchen or bathroom.

Get the right insurance. Because old houses can be expensive to repair and more prone to damage, you’ll want to make sure your homeowners insurance policy covers you in case something happens.

Keep in mind that you may have to pay higher premiums than if you had a newer home, depending on the shape the home is in.

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