Homeowners Moving More, But Still Staying in Place Long Enough To Impede Market | Global News Avenue

Homeowners have begun to relax their control over their property, and a new study shows that some have begun to shorten their hospital stay after market conditions, pushing home ownership tenure to record levels five years ago.

Typical homeowners stayed on their properties on average for 11.8 years in 2024, according to a study released Wednesday by real estate brokerage firm and data company Redfin. This is 13 from the peak level in 2020. 4 years, just before the lows Mortgage Rate The pandemic’s work policy encourages many people to move and causes a surge in people Housing market costs.

However, the term of ownership is still much higher than The economy collapsed in 2008. Which one Weakened the building and reduce supply. In 2005, a typical homeowner stayed on his property for 6.5 years.

One reason for the increasing tenure is that the baby boomers (usually those born between 1946 and 1964) and Gen X– Between the mid-1960s and early 1980s, there was an increasing choice to stay longer, especially since many people already own their own homes or have lower mortgage rates. As the U.S. population grows older, House ownership The report shows that tenure may remain higher.

Property tax rules cause Californians to hang on the longest home on a home

Policy and demographic differences among states are also inspiring some homeowners to stay within the right time.

In Los Angeles, the average homeowner’s term is 19.4 years, mainly because of the state’s property tax For those who stay at home, the rules limit increases. Like other regions Mortgage Rate In California, borrowers have low interest rates and cannot transfer to new homes.

“It’s a problem for young people trying to break into the state The infamous housing market,” said Sheharyar Bokhari, senior economist at Redfin. “Tight inventory will only raise house prices and increase the gap for generations of homes. ”

Redfin said housing authority has also increased due to the aging population there. The average homeownership term in Louisville, Kentucky is eight years, and the lowest in Las Vegas is 8.4 years.