If I am hosting a party at my house, and I am of age, will I get in trouble if there is underage drinking or does the oldest person at the party get in trouble?

If you are the owner of the house and hosting, where the underage drinking is taking place, then you are responsible in the eyes of the law.

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Depends on where you are. Many places have enacted social drinking laws that make the owner and/or host of the party responsible for allowing underaged drinking.

The owner of the home is held liable for any underaged drinking on the premises and is also held liable for any drunk driving accidents resulting from the underaged drinking at a party they hosted.

Best bet is to take away keys at the door,otherwise its just an accident waiting to happen.
Tell your guests to bring their pillows and blankets,that way no one get hurt.