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Forever Home? No, Here's How Long The Typical Owner Keeps Before Selling

AJ Fabino
·2 分鐘文章

After reaching a peak of 13.4 years in 2020 and 12.9 years in 2021, the average American homeowner has now only lived in their home for 12.3 years.

Although the median homeowner tenure in the U.S. has increased, it is still substantially longer than the average of 6.5 years in 2005.

This data, which can be attributed to the "lock-in" effect, comes from a Redfin Corp analysis of the median homeowner tenure by year in the U.S. as of 2022 using historical county statistics.

The Data: Nearly 85% of American homeowners with mortgages have interest rates much lower than the current average of 6.81%.

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Some homeowners are deterred from moving because it could mean giving up their low mortgage rate and assuming a higher monthly housing payment, with rates ebbing around their highest levels since the 2008 financial crisis.

That is supported by Redfin's study of data from the Federal Housing Finance Agency (FHFA).

A fall in existing home sales is partially caused by the high percentage of homeowners who feel trapped in their cheap mortgage rate, meaning the "lock-in" effect is present in most U.S. markets.

Redfin discovered that homeowners in Atlanta, Chicago, Los Angeles and Washington, D.C. were 7.6% less likely to list their houses for sale than homeowners with a rate above 3.5%.

However, some homeowners and investors are turning to rental properties to earn passive income in the current housing market. Here’s how to invest as little as $100 in rental properties and build wealth over the long term.

Check out Benzinga's Real Estate Offering Screener to browse passive real estate investment opportunities with minimum investments as low as $100. 

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This article Forever Home? No, Here's How Long The Typical Owner Keeps Before Selling originally appeared on Benzinga.com

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