EL PASO, Texas (KTSM) — A new report revealed that almost 14,000 homes in El Paso were built at least 80 years ago.
That number equates to 5.5 percent of all homes in El Paso, according to a report analysis. To put that number into perspective, in the entire United States 12.3 percent of all homes were built prior to 1940.
When it comes to buying a newly built home, demand outpaces supply. A survey from the National Association of Home Builders found that in 2018, 31 percent of homebuyers wanted to purchase a brand-new home.
Another report by NAHB found that 41 percent of millennial home buyers would prefer to own a brand-new home.
Despite many buyers’ preference for new homes, only about 11 percent of home sales each year are for new construction. The rest are for existing homes, many of which were built decades ago.