More than 20% of Cleveland's homes were built before 1940
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Cleveland's housing stock is getting more geriatric by the year.
Why it matters: The slow pace of new housing construction over the past 50 years has created pent-up demand and aging homes in dire need of renovation.
State of play: Nearly one-quarter of the city's housing stock was built before 1940, per the latest census data. That's double the national average.
- And since the 1970s, new home construction has significantly lagged behind the rest of the country.
The big picture: Existing homes aren't getting any younger and sellers are still feeling the rate-lock effect. This opens the window for a remodeling wave, according to the National Association of Home Builders.
Yes, but: Buyers are keen on new builds, given existing supply constraints and (sometimes) better deals to be found.
What we're watching: Energy efficiency, kitchen and bath upgrades, and maximizing utility are among the top renovation trends.
Go deeper: Cleveland launches landmark affordable housing fund