The Typical U.S. Homeowner Stays Put for 11.8 Years, with Regional Variations

Recent data from Redfin has revealed that the average U.S. homeowner now stays in their home for 11.8 years, a significant increase from the 6.5 years recorded in 2005. This trend reflects broader shifts in the American housing market and lifestyle preferences, as homeowners appear to be more inclined to stay put rather than move frequently.

The study by Redfin, a real estate brokerage firm, shows considerable regional variations in homeowner tenure. In the Northeast, homeowners tend to stay longer, with an average tenure of 15.4 years in New York, and 15.3 years in Massachusetts. Conversely, the South shows shorter tenures, with Florida homeowners staying for an average of 9.5 years.

Several factors contribute to this trend. Economic considerations play a significant role; many homeowners are locked into favorable mortgage rates and are reluctant to move due to the higher rates currently available. Additionally, the costs associated with moving, such as real estate transaction fees and the general upheaval of relocation, deter many from changing residences.

Demographic shifts also influence these patterns. Older homeowners, who often have larger homes and established communities, tend to stay longer. In contrast, younger families might be more mobile due to job changes or seeking better school districts.

The implications of longer homeowner tenures are profound for the housing market. Reduced turnover can lead to fewer homes available on the market, potentially driving up prices and making it more challenging for first-time buyers to enter the market.

• Florida
• Massachusetts
• New York
• Redfin

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California Homeowners Stay Put 20 Years as US Average Hits 11.8 Years | RDFN Stock News

3 weeks ago

- stocktitan