Skip to main content

Redfin Study: Homeowners Remaining in Homes Longer

Phil Hall
Nov 06, 2019
Photo credit: Getty Images/papparaffie

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.
The average homeowner spends 13 years living in their home, according to new data from Redfin

 
Biden Appoints Sandra Thompson As Acting Director Of The FHFA

The White House appointed Sandra L. Thompson as acting director of the Federal Housing Finance Agency (FHFA), effective immediately. Her statement reveals that a permanent director will be confirmed in December.

Regulation and Compliance
Jun 24, 2021
Supreme Court Gives Biden Full Control Over FHFA

The U.S. Supreme Court gave President Joe Biden the authority to remove the head of the Federal Housing Finance Agency (FHFA) while dismissing claims from shareholders of Fannie Mae and Freddie Mac.

Industry News
Jun 23, 2021
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
UniteCT Emergency Rental Assistance Succeeds

Thanks to the successful launch of the UniteCT program, emergency rental assistance funds are helping Connecticut residents maintain housing.

Industry News
Jun 17, 2021
Angel Oak Mortgage Announces Initial Public Offering

Angel Oak Mortgage announced its initial public offering of 7,200,000 shares of its common stock at $19 per share.

Industry News
Jun 17, 2021
Mortgage Apps Rebound After Three Consecutive Weeks Of Declines

The Mortgage Bankers Association reported the first increase in mortgage applications after a three consecutive weeks on declines.

Industry News
Jun 17, 2021