American homeowners are slow to move, staying an average of half a decade longer in their homes than before, according to a report by Redfin. Experts point to equity gain and lack of affordable housing as some of the reasons homeowners are staying put. But with fewer people moving out of their houses, new homeowners find options limited with a shortage of 1.6 million homes.
The typical American homeowner in 2019 had spent 13 years in their home, up from eight years in 2010. Median home tenure increased in all of the 55 metros Redfin analyzed. In Salt Lake City, Houston, Fort Worth, San Antonio, and Dallas homeowners have been in their homes the longest, with typical homeowners in those metros staying in their homes over eight years longer than they did in 2010. In many metros that has led to fewer homes available for first-time homebuyers.
“In Dallas, there are many neighborhoods that were built in the 1950s and 1960s where most of today’s residents are still the original homeowners,” said Dallas Redfin agent Christopher Dillard. “Because prices have been going up, and folks are gaining more and more equity, it’s hard to justify selling when there aren’t many if any affordable options.
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