The average U.S. homeowner in 2021 spent 13.2 years in their home, down slightly from a peak of 13.5 years in 2020 but up from 10.1 years a decade ago, Redfin reports. Americans are spending more time in their homes as a result of housing shortages in the for-sale market paired with low monthly payments, and older homeowners are also opting to age in place.
Despite a rising median homeowner tenure, remote work is prompting more Americans to relocate to more affordable areas, but until more supply is added to a strained market, heightened prices and heated competition will keep a significant share of prospective buyers in place.
“Homeowner tenure may have already peaked, or the decline in 2021 could be a blip before it climbs back up,” said Redfin Chief Economist Daryl Fairweather. “There are competing forces at work. Remote work is encouraging homeowners to sell their homes in expensive cities and move to more affordable areas, which could pull tenure down. But on the flip side, rising mortgage rates may discourage people from selling and older Americans are staying put longer, which could push it back up.”
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