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How long have you been living in your house? If you’ve been like the typical homeowner for at least a dozen years, according to a new analysis from real estate brokerage firm Redfin.
By 2022, the typical US homeowner will spend 12.3 years in their home, down from 12.9 years in 2021 and 13.4 years in 2020.
Although the amount of time spent in a home appears to be decreasing slightly, it is longer than it used to be. For example, in 2005, homeowners spent an average of only 6.5 years in one location.
In some areas, residents actually buckle down and settle down. The following are the five places homeowners live the longest.
5. Memphis, Tennessee
Average homeowner tenure in this metropolitan area: 16.2 years
Memphis is the home of the blues, but the homeowners seem happy with their homes. Even Elvis Presley is resting here at home for his eternal rest.
Redfin says the length of time Memphis residents have lived in one place has been steadily increasing since at least 2012.
4. San Francisco
Average homeowner tenure in this metropolitan area: 16.3 years
California homeowners as a group tend to stay longer than people in other states. In summarizing their findings, Redfin says that there is a simple explanation for this fact:
“People in California have lived on their homes for an especially long time — the average tenure in San Diego and Riverside is also longer than the national average — largely because the state’s tax laws encourage homeowners to stay . California’s Proposition 13 Limits Property Tax Increases.”
3. Cleveland
Average homeowner tenure in this metropolitan area: 17.1 years
Cleveland is the birthplace of Superman, and the city’s residents remain super-loyal to the homes they live in.
We’re guessing Clark Kent will approve of the fact that homeowners here put down roots for about two decades, on average.
2. San Jose, California
Average homeowner tenure in this metropolitan area: 17.3 years
Like other California cities, San Jose residents stay put for tax reasons.
A cooling housing market could also hold even more residents in the near future. San Jose is one of “10 Housing Markets Where Home Sellers Are Giving Up.”
1. Los Angeles
Average homeowner tenure in this metropolitan area: 18.2 years
Los Angeles doesn’t exactly conjure up images of “sustainability”. After all, this is where people flock 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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