A new LendingTree study assesses household tenure, and finds that Denverites stay in their homes the fifth-shortest average amount of time in the U.S.
The online mortgage marketplace analyzed 50 U.S. metros using Census data, finding that homeowners in metro Denver typically spend 6.63 years in their homes. Homeowners in Las Vegas, Phoenix, Austin, Texas; and Orlando spend less time on average in their home, between 6.43 and 6.59 years, respectively. The Denver Post reports that because the metro has the highest rate of home price appreciation of all metros between 2014 and 2017, owners can build up a lot of equity fast, and can use it to upgrade to a more expensive home, or pocket the cash.
All those cities are in much warmer climates, and they have a much lower median home price than Denver, which came in at $386,400. But like Denver, they have seen an influx of newcomers. Given that transplants who buy a home start at zero, that is one thing that can bring the average down. “A lot of new residents generally lowers the average tenure and large price increases are an incentive for owners to sell,” said Tendayi Kapfidze, the report’s author.
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