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In the frenzy of the hot housing market, more buyers are being drawn to older homes for their historic charm. But where are older homes best available exactly?
LendingTree researchers analyzed Census Bureau data to find where the share of older homes—which are defined as housing units built in or before 1939—are most prevalent in the nation’s 50 largest metro areas. They found that older homes tend to be more common in certain areas, and their values can vary significantly relative to the value of all homes in the area.
Boston, Providence, R.I., and Buffalo, N.Y., have the largest share of homes built in or prior to 1939. Researchers found that an average of nearly 32% of the housing stock in these locations was built during that period compared to an average of 11.3% nationwide.
Some older homes are even more valuable than newer ones. In Boston, the median value of all housing units is $437,500, but the median value for housing units built in 1939 or earlier is $469,000.
On the other hand, Las Vegas, Phoenix, and Orlando, Fla., have the smallest share of older housing units built before 1939, the study finds.