Homeowners Remaining in Homes About 12 Years
By Kelly Leighton | Mar. 9, 2023 | 2 min. read
The typical homeowner has spent 12.3 years in their home in 2022, down from a high of 13.4 years in 2020, but rising steadily from 6.5 years in 2005.
According to Redfin, not surprisingly, the older the consumer, the longer they have owned their home generally. For those aged 65 and up, 54% have owned their homes for at least 23 years, with 35% owning them 33 years or longer. With more baby boomers planning to age in place, there is no sign of their tenure shortening. For those under 35, 49% have owned their home three years or less and 37% have owned them four to seven years.
Both Philadelphia and Pittsburgh residents live in their homes longer than the national average, a trend that has continued for at least a decade. In Philadelphia, homeownership tenure was 12 years in 2012, rose to 15.5 years in 2021 and hit 15.7 years in 2022. Likewise, in Pittsburgh, homeownership tenure was 12.5 years in 2012, 15.2 years in 2021 and 15.3 years in 2022.
As low inventory continues to impact the market, renters’ tenures are much shorter than their homeowner counterparts, even as rent prices rise. According to the reports, renters stay in their properties for two years on average, with younger renters moving more frequently. For those under 35, 72% resided in their place for three years or less, while those 35 years or older are more likely to live in their property for four to seven years on average. The average length of tenure for renters has dropped from 2014-2016, when it was three years on average. However, it was down to one year on average on 2019, so there has been an increase compared to pre-pandemic levels.
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