As the landscape of American homeownership evolves, recent data from Redfin highlights a significant trend: homeowners are staying in their properties almost twice as long as they did two decades ago, with the average tenure now at 12 years. This shift, largely driven by baby boomers opting to age in place, is reshaping the housing market, impacting inventory levels, and altering opportunities for younger generations.
This article from The World Property Journal delves into the factors behind the extended homeowner tenure, its effects on the real estate market, and the broader implications for potential buyers and sellers navigating this changed landscape. Enjoy the article and give me a call with any questions you have or if you want help with any of your real estate needs.
Tim Houterloot - Broker/Realtor
317-997-0165 - Cell
indyhomepro@outlook.com
Source: The World Property Journal | Repost Houterloot 2/23/2024 -
Twice As Long As 2005, Driven By Older Americans Aging In Place
Based on Redfin's latest market data, the typical U.S. homeowner has spent 11.9 years in their home, up from 6.5 years two decades ago. Homeowner tenure peaked at 13.4 years in 2020, just when the pandemic set off a moving frenzy, and has declined since then.
Baby boomers are aging in place, driving homeowner tenure up
Older Americans staying in their homes is the driving force behind longer homeowner tenure. Nearly 40% of baby boomers have lived in the home they currently own for at least 20 years, and another 16% for 10-19 years. For Gen Xers, more than one-third (35%) have lived in the home they currently own for at least 10 years.
Millennials typically stay in homes for shorter periods, largely because they're younger and partly because they switch jobs more than older generations. Less than 7% of millennials have lived in the home they currently own for 10 years or longer, 13% for 5-9 years, and 30% for less than five years. Nearly all Gen Zers who own a home have had it for less than five years, which stands to reason because the oldest Gen Zer was 26 in 2023.
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