http://www.ncbi.nlm.nih.gov/pubmed/20534765
Table 1 on page 3 of the linked article shows differences of young men (avg age 26) vs old men (avg age 66) with a sample size of about 50 in each group. Their research indicates that younger man cohort has higher DHT than older man cohort.
Younger vs Older
Total T (ng/dl) 581.7 vs 335.4
Free T (pg/ml) 138.8 vs 53.7
Total E2 (pg/ml) 20.8 vs 26.0
Free E2 (pg/ml) 0.5 vs 0.5
Total DHT (ng/dl) 54.0 vs 28.1
Free DHT (pg/ml) 6.0 vs 1.9
We're only focused on DHT because there's a clear link to Androgenetic Alopecia based on a lot of different studies by a lot of different scientists, and DHT is something we can actually do something about now. However, present medical science is pretty primitive in the grand scheme of things.
One day, with more advanced science, we might not be focused on DHT at all but on another part of the process between T/DHT to androgen receptors to DNA to biological expression and/or stem cells and progenitor cells. In general, I believe the root of our issue - no pun intended - is in our genes, not in DHT (gene DKK-1, for instance). My point being that there's more than one ball to keep your eye on in this game.
IMO, if you're only keeping your eye on DHT, then you're missing out on the wider game. That's not an argument against using finasteride or any other treatment to lower DHT. From a practical standpoint, got to use what works now if you're interested in taking action, not waiting for what's far off in the future. Of course, the same things don't work for all people but the reason they don't probably has more to do with our individual genetic responses to DHT or that DHT is converted by something other than a 5-AR or something else. (To be clear, it appears from the research that 5-AR Type 2 is responsible for most T to DHT conversion in most people but that may not be the end of the story.)