Homeowners are beginning to loosen their grip on their properties, with a new study showing some have begun shortening the length of the𓄧ir stay after market conditions pushed homeownership tenure to record-high levels five years ago. 

The typical homeowner stayed in their property for an average of 11.8 years in 2024, according to a study by real estate brokerage and data firm Redfin released Wednesday. That’s down from the 2020 peak level of 13.4 years, just before low mortgage rates and pandemic work-from-home policies encouraged many people to move and created a surge in 澳洲幸运5官方开奖结果体彩网:housing market costs.

However, homeownership tenure is still well above levels before the 澳洲幸运5官方开奖结果体彩网:2008 economic crash, which 澳洲幸运5官方开奖结果体彩网:undercut homebuilding and reduced supply. In 2005, the typical homeowner stayed in🤪 their property for just 6.5 years.

One reason tenure is getting longer is that Baby Boomers—generally those who were born between 1946 and 1964—and members of Gen X—born between the mid-1960s and the early 1980s—are increasingly choosing to stay in place longer, especially because many already own their homes in full or have lower mortgage rates. As America’s population increasingly ages, 澳洲幸运5官方开奖结果体彩网:homeownership tenure is likely to stay elevated, ♑the🌄 report showed.

Pro♚perty Tax Rules Lead Californians To Hang Onto ♊Homes the Longest

Policy and demog𝓰raphic differences between states are also creating incentives for some homeowners to stay in place ✱for a greater amount of time.

In Los Angeles, the average homeowner tenure is 19.4 years, primarily because the state’s 澳洲幸运5官方开奖结果体彩网:property-tax rules limit increases for people who stay in their homes. Like in other areas, high 澳洲幸运5官方开奖结果体彩网:mortgage rates in California disc🎀ourage borrowers with lower rates from moving to🍃 new housing. 

“It’s a problem for young people trying to break into the state’s 澳洲幸运5官方开奖结果体彩网:notoriouslyꦿ expensive housing market,” Redfin Senior Economist Sheharyar Bokhari said. “Tight in🧸ventory only pushes home priജces up more, and adds to the generational homeownership divide.”

Homeownership tenure also increased in Providence, Rhode Island, due to an aging population there, Re💖dfin said. The average homeowner tenure was eight years in Louisville, Kentucky, and 8.4 years in Las Vegas, among the lowest measured.