Redfin Study: Homeowners Remaining in Homes Longer
November 6, 2019
The average homeowner spends 13 years living in their home, according to new data from Redfin. This is up from an average of eight years in 2010.
Redfin analyzed 55 metros and determined that homeowners have been in their homes the longest in Salt Lake City, Houston, Fort Worth, San Antonio, and Dallas, with residents in those metros remaining at the same address for more than 20 years on average. In many markets, municipal policies that reduce property tax burdens for senior citizens are making it more affordable for seniors to stay in their homes longer.
However, the lack of turnover is contributing to inventory shortages, especially in regard to affordable homeownership opportunities. For example, the median Redfin Estimate for San Francisco homes where the resident hasn't changed in over 20 years is about $122,000 lower than the median Redfin Estimate for homes where the resident has changed in the last five years.