Here's where homeowners are staying put the longest
Late last year, it was reported that more and more Baby Boomers are aging in place and not moving out of their homes.
In fact, fewer U.S. homeowners moved in 2019 than ever before; an underwhelming 9.8% of Americans moved last year.
A new report from LendingTree shows where homeowners are staying put the longest in the country’s 50 largest metro areas.
In all, the report found that homeowners in the Northeast seem to stay in their homes the longest, while homeowners in warmer states move more frequently, which coincidentally correlates with the spring-time home buying trend.
Additionally, the study unveiled that there’s a correlation between the home prices and the length of time people stay in their homes. Basically, prices appear to rise more quickly wheree people stay in their homes for shorter time periods.
Home values in the 10 metros with the longest housing tenure appreciated an average of 8.7% from 2015 to 2018, LendingTree said. Over that same period, home values appreciated an average of 24.3% in the 10 metros with the shortest housing tenure.
The top three metros where homeowners stayed put the longest were in New York, Pittsburgh and Philadelphia, for an average of 8.6 years, the report said.
The metros with the most nomadic homeowners were Las Vegas, Phoenix and Austin, Texas. Homeowners in these metros tend to move after an average of 7.5 years.
Here are metros where homeowners stayed the longest:
No. 1: New York CityAverage housing tenure: 8.65 yearsMedian home value: $426,100Three-year, home-value appreciation: 6.8%No. 2: PittsburghAverage housing tenure: 8.64 yearsMedian home value: $148,000Three-year, home-value appreciation: 11.7%No. 3: PhiladelphiaAverage housing tenure: 8.63 yearsMedian home value: 245,000Three-year, home-value appreciation: 3.6%No. 4: Buffalo, New YorkAverage housing tenure: 8.61 yearsMedian home value: $141,500Three-year, home-value appreciation: 13.2%No. 5: Hartford, ConnecticutAverage housing tenure: 8.59Median home value: 246,600Three-year, home-value appreciation: 0.7%
Here are metros where homeowners stayed the shortest:
No. 1: Las VegasAverage housing tenure: 7.44 yearsMedian home value: $238,300Three-year, home-value appreciation: 39.8%No. 2: PhoenixAverage housing tenure: 7.53 yearsMedian home value: $234,300Three-year, home-value appreciation: 30.8%No. 3: Austin, TexasAverage housing tenure: 7.57 yearsMedian home value: $261,400Three-year, home-value appreciation: 25.3%No. 4: DenverAverage housing tenure: 7.73 yearsMedian home value: $350,500Three-year, home-value appreciation: 31.3%No. 5: Orlando, FloridaAverage housing tenure: 7.78 yearsMedian home value: $201,600Three-year, home-value appreciation: 27.7%
The post Here's where homeowners are staying put the longest appeared first on HousingWire.