How Long do Homeowners Hold onto their Homes?
How long does the average homeowner stay in their home? According to data from the American Community Survey (crunched by the NAR’s Economist Outlook blog) it’s about 13 years. In addition, they say that compared to prior years, homeowners have been spending more spend more time holding onto their homes with the median tenure increasing by 3 years since 2008. To get their findings, they looked at median years of residence for owner-occupied homes located in the 100 largest U.S. metro areas. Be sure to click on the interactive map below to drill down a little further. Also, they do point out that inventory, or lack thereof, is at play….
“Homeowners staying longer in their homes can further reduce the number of homes for sale. Homeowners will likely be further locked in place because it is difficult to sell and buy a home at the same time. That being said, finding ways to build more housing will help, but the ultimate goal is to increase the number of existing homes available on the market. This can only happen if these existing owners’ homes go on the market.”