Northeast cities have the greatest number of homeowners who stay in their residences for the longest time, while hot and sunny area have the highest number of residential turnovers, according to a new data analysis by LendingTree.
In a study of the nation’s 50 largest cities, LendingTree Cities determined that homeowners stay in their property for an average of seven years. Pittsburgh topped the list of stay-in-place homeowners with an average housing tenure of 7.54 years, followed by New York City at 7.53 years and Buffalo, N.Y., with 7.50 years. Six of the top 10 cities for highest average housing tenure were in the Northeast.
At the other end of the spectrum, Las Vegas had the greatest turnover with an average housing tenure of 6.36 years, followed by Phoenix at 6.43 years and Austin at 6.49 years. Tendayi Kapfidze, Chief Economist at LendingTree, noted that prices in the markets with lower average housing tenures had an “average price appreciation of 30 percent This suggests that higher housing turnover drives prices upwards, while faster price appreciation could be enticing home owners to sell.”