(NewsNation) — American homeowners are staying in the same place nearly twice as long as they were 20 years ago, with older residents leading that trend, a new Redfin study shows.
The real estate company recently reported that the average homeowner remains in their current house for an average of 11.9 years, which is up from 6.5 years in 2005. The amount of time people are staying in their homes is, however, down from 13.4 years in 2020 when the COVID-19 pandemic kicked off a “moving frenzy,” data shows. Homeowner tenures have dropped ever since, Redfin said.
The homeownership report comes after home sales dropped to nearly a 30-year low in 2023 due to high interest rates and a low supply of inventory.
Redfin data showed that nearly 40% of members of the baby boomer generation have lived in their current homes for at least 20 years. Another 19% of that demographic have lived in their home between 10 to 19 years. Comparatively, only about 35% of Gen X homeowners have stayed in the same residence for at least 10 years.
Historical data used by Redfin indicates that 80% of baby boomers own their homes, while 72% of those from the Gen Z demographic are homeowners.
Millennials, meanwhile, tend to move more than any other age group. The study indicates that homeowners in that age group tend to move more often to change jobs. Less than 7% of millennials have lived in the same home for 10 years or longer, while 30% of them have stayed in the same house for less than five years.
Older Americans tend to stay longer, the report said, mainly due to financial incentives. Redfin said 54% of baby boomers own their homes free and clear. That age group reported that their median monthly home costs, including taxes and insurance, are just more than $600 per month.
Empty-nest boomers also own 30% of large U.S. homes, compared to 14% of millennials who are shopping within the large home market.
