Houses in the United States are aging collectively.

Seeking Alpha just published a report: The rising costs of home maintenance in the U.S. are increasing financial pressure on homeowners.
The median age of existing homes in the U.S. has exceeded 40 years.
Post-World War II baby boom construction peaks mean those houses are now due for major renovations. Roofs, plumbing, electrical systems, foundations—
Building material prices have not truly fallen since 2020. Labor costs have soared—shortage of blue-collar workers is one of the biggest structural issues in the U.S. labor market.
Finding a reliable plumber often means waiting in line for three months.
A typical roof renovation costs $15,000-$30,000. Full plumbing replacement starts at $10,000. These are normal prices; expedited service costs more.
From an investment perspective—
The hidden inflation in U.S. real estate is much more severe than what CPI shows. Housing has a high weight in CPI, but it only accounts for rent equivalents, not maintenance costs. The true holding cost of a 40-year-old home exceeds the monthly mortgage payments.
Meanwhile, home improvement retailers like Home Depot and Lowe’s have solid long-term fundamentals. Demand for building materials, tools, and repair services remains rigid.
At the same time, the new home market will also benefit. When renovation costs for old houses approach the price of new construction, more people will choose to demolish and rebuild or buy new homes.