A used car dealership could be the best time to buy a home, according to Axios’ research.
The firm surveyed the market for used homes across the U.S. In 2016, the average age of a home in the U, which was measured by the number of bedrooms, was 52 years old, according, according.
As of Dec. 31, 2016, there were 3.7 million homes in the country with an average age over 50, according Axios.
While that’s a small percentage of the U’s 2.6 million homes, it’s still a significant number for a market with an older population.
Axios’ findings come as consumers look to sell their homes to avoid high mortgage rates.
Buying a home at a discount may be more appealing than buying a used car at a huge discount, but both are still more expensive, according The Washington Post.
For a house to be worth as much as it is today, a lot of the money in a used home must have been spent on upgrades and maintenance, the Post’s Megan Kelly wrote in a recent article.
“We have a lot to learn from the past,” a spokeswoman for the National Association of Home Builders told Kelly.
A 2017 survey found that buyers ages 50-54 were more likely to pay $3,600 or more for a used house than their younger counterparts, according the Wall Street Journal.
Even with that high price tag, buyers with college degrees and those with high incomes can find a home that will be worth much more than it is now.
If you can’t find a used vehicle for under $1 million, a home with a lower price tag is often worth more, according Kelly.