How old is your home? When a house was built can affect affordability in Miami area
This report is from WLRN News, a Miami Herald partner. Listen to WLRN on 91.3 FM in Miami or go to WLRN.org
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A new study finds the median age of a single-family home in South Florida is 39 years old. That’s slightly lower than the national median of 41, according to research firm Construction Coverage.
Half of all homes in the region were built before 1983. Only one in 10 have been built since 2010.
Tom Hudson, senior economics editor for WLRN, said knowing the age of a home is important for two reasons.
“First, older homes tend to be more expensive to insure since they may not have all the updated protections,” Hudson said. “Second, the median age indicates fewer new homes are being built, adding to the affordability challenges.”
Among the areas listed in the study, South Florida has the oldest homes. The Cape Coral and Fort Myers area has the youngest.