A new report by the Department of Housing and Urban Development states that about 66 percent of owner-occupied homes in the U.S. were built prior to 1980 with 40 percent constructed before 1970. Currently the median age of owner-occupied homes is 37 years old. Newly constructed homes built after 2010 comprise only 2 percent of the housing stock in the United States.

The National Association of Home Builders sees these statistics as a huge potential boost to the remodeling industry as older aging homes require renovations and upgrades, particularly in areas such as energy efficiency where they lag significantly behind new construction.