Why move when you love the home you’re with?
It looks as though homeowners are staying put longer – the first quarter of 2019 showed homeowners selling their home after an average of 8.05 years.
Before the market crash, homeownership from 2000 to 2007 was at an average of 4.21 years.
After locking in with a mortgage rate, many homeowners don’t see the benefit of picking up and moving. The survey also shows that the homeowners who stay longer actually see higher gains at resale – an average gain of $57,500 since their purchase.
The longest average homeownership rates for homes sold in the first quarter were:
- Hartford, Conn.: 12.52 years
- Boston, MA.: 12.36 years
- Providence, R.I.: 11.15 years
- San Francisco, Calif: 10.40 years
- San Jose, Calif.: 10.27 years
However, it does seem that 23% of the metros studied showed a decrease in homeownership tenure. Those cities were: Kansas City, Tucson, Orlando, and Oklahoma City.