Homeowners Now Stay In One Place Longer
When you buy a house, there's really no telling how long you'll end up living there. Some people buy a home thinking they'll stay a few years and end up living there decades. Others buy a house thinking it'll be their long-term home, then find themselves on the market for a new one sooner than later. But how long does the typical homeowner stay in one place? Well, according to a recent survey, the answer is longer than they used to. That's because, results show American homeowners typically stay in their home for 13 years, which is up from 8 years in 2010. That's a significant increase, especially since the historical average is 6 years. There are a couple of factors that may be driving homeownership tenure higher. One is demographics. Older Americans are staying homeowners longer than they once did. Another is the current market. After years of rising home prices, many homeowners have built up a good amount of equity and have little motivation to move, as long as their home still fits their needs and lifestyle. More here.