An ATTOM Data Solutions report finds that home-owners in the United States now stay in their properties typically for 8.09 years – longer than at any time.
Home-owners Haven’t Stayed Put for This Long
The second quarter of this year saw the common tenure rise to 8.09 years, a record high – especially when when compared to the years prior to the 2008 recession.
From 2001 to 2007, the average home-owners tenure was 4.21 year – nearly half the time they spend there today. The 8.09 years mark represents a 3% increase from the first quarter as well as a 4% increase from last year. San Francisco, Portland and Tucson boasted the top three numbers for average tenure in the country.
“Potential home-buyers are in a bit of a pickle due to the fact that mortgage rates are dipping to low levels; however, home prices are still hot. This is leading people to stay in their homes longer to try and wait for the market to cool,” says Ted Teta, ATTOM’s chief product officer.
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