On average, homeowners spend about 13 years in their home before they move. That means they are staying put longer, with the median home tenure rising by 3 years since 2008, the National Association of REALTORS® Economists’ Outlook blog reports on data from the American Community Survey.
But that can vary quite a bit among the country’s 100 largest metro areas. Residents out West, for example, tend to move more often. NAR’s blog highlights the following metros that have the shortest home tenures nationwide:
- Provo-Orem, Utah: 7 years
- Las Vegas: 7 years
- Cape Coral, Fla.: 7 years
- Phoenix.: 8 years
- Boise City, Idaho: 8 years
- Colorado Springs, Colo.: 8 years
- Austin, Texas: 8 years
- North Port, Fla.: 8 years
On the other hand, homeowners in the Northeast may be the most likely to stay put longer than in other places in the U.S. The following metros are where owners tend to stay the longest:
- Scranton, Pa.: 18 years
- Buffalo, N.Y.: 16 years
- Pittsburgh: 16 years
- Springfield, Mass.: 16 years
- Honolulu: 16 years
“Housing supply shortage and low affordability are two of the main reasons that people stay longer in their homes,” research economist Nadia Evangelou notes at NAR’s Economists’ Outlook blog. “Further, housing is more expensive in the areas with the highest median tenures. Although short supply increases the seller’s profit, it is also difficult for these sellers to afford to purchase their next homes. As data reveals, the median home price of recently purchased homes was 10 percent higher in the areas with a median homeownership duration above 13 years compared to other metro areas.”
Source: “How Long Do Homeowners Stay in Their Homes?” National Association of REALTORS® Economists’ Outlook blog (Jan. 8, 2020)
