How long have you lived in your home? If you are like the typical homeowner, at least a dozen years, according to a new analysis from real estate brokerage firm Redfin.
As of 2022, the typical homeowner in the U.S. spends 12.3 years in their home, down from 12.9 years in 2021 and 13.4 years in 2020.
Although the time spent in one home appears to be shortening a bit, it remains far longer than in the past. For example, in 2005, homeowners spent an average of just 6.5 years in one place.
In some areas, residents really tend to hunker down and settle in. Following are the five places where homeowners remain in place the longest.
5. Memphis, Tennessee
Median homeowner tenure in this metro area: 16.2 years
Memphis is the Home of the Blues, but homeowners appear to be cheerful about their homes. Even Elvis Presley is spending his eternal rest at home here.
The length of time that Memphis residents remain in one place has been steadily increasing since at least 2012, Redfin says.
4. San Francisco
Median homeowner tenure in this metro area: 16.3 years
California homeowners as a group tend to remain in place longer than folks in other states. In a summary of its findings, Redfin says there is a simple explanation for that fact:
“People hold onto their homes for a particularly long time in California — the median tenure in San Diego and Riverside is also longer than the national average — largely because the state’s tax laws incentivize homeowners to stay put. California’s Proposition 13 limits property-tax increases.”
3. Cleveland
Median homeowner tenure in this metro area: 17.1 years
Cleveland is the birthplace of Superman, and the city’s residents remain super-loyal to the homes where they live.
We’re guessing that Clark Kent would approve of the fact that homeowners here put down roots that last nearly two decades on average.
2. San Jose, California
Median homeowner tenure in this metro area: 17.3 years
As with other California cities, San Jose residents tend to stay put for tax reasons.
A cooling housing market also might keep even more residents in place in the near future. San Jose is one of the “10 Housing Markets Where Home Sellers Are Giving Up.”
1. Los Angeles
Median homeowner tenure in this metro area: 18.2 years
Los Angeles doesn’t exactly conjure images of “stability.” After all, this is the place where people come and go in search of fame and fortune.
Despite that reputation, residents remain fiercely loyal to their homes, which lands the City of Angels at the top of this list.
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Source: moneytalksnews.com