According to a new report from Redfin, the typical American homeowner has spent 13 years in their home, up from eight years in 2010.
An analysis of 55 metros by Redfin reveals that in the markets with the longest homeowner tenures – Salt Lake City, Houston, Fort Worth, San Antonio, and Dallas – an average homeowner has been in their home for more than 20 years.
Aging Population, Walkability and Rising Prices
Homeowners age 67 to 85 are remaining homeowners longer, causing a shortage of 1.6 million homes, according to a report by Freddie Mac. In San Francisco, the median homeowner has been in their home for 14 years, compared to only 10 years in 2010. At the same time, there are about half as many homes for sale in San Francisco than there were in 2010, and the homes that are for sale are more expensive. The median home price has more than doubled in San Francisco since 2010.
Many local governments have also put policies in place that reduce property tax burdens for senior citizens, which have made it more affordable for older people to stay in their homes longer. In Texas, where homeowners tend to stay put the longest, homeowners over the age of 65 have the option to defer property taxes until the home is sold.
Homeowners who already live with walkable access to amenities like schools, parks and shops are more likely to stay put in homes. And when homeowners stay put that means fewer homes are for sale. In zip codes with above-average Walk Score ratings for their metro, the median home tenure is 11 months longer and there is more competition for the homes that are listed with homes staying on the market eight fewer days compared to zip codes with below-average Walk Score ratings. That means first-time homebuyers who are still looking to own a home and start a family are relegated to neighborhoods in less walkable exurbs on the outskirts of town.
| Metro | Median Home Tenure in 2019 | Median Home Tenure in 2010 | Percent Change in Homes for Sale: 2010 to 2019 | Median Sale Price in 2019 | Median Sale Price in 2010 | Percent Change in Median Sale Price: 2010 to 2019 |
| Salt Lake City, UT | 23.4 | 14.7 | -59.0% | $340,000 | $195,000 | 74.4% |
| Houston, TX | 23.2 | 14.5 | -7.1% | $249,900 | $158,000 | 58.2% |
| Fort Worth, TX | 22.6 | 14.0 | -33.2% | $250,000 | $140,000 | 78.6% |
| San Antonio, TX | 22.0 | 13.3 | -10.9% | $234,000 | $155,357 | 50.6% |
| Dallas, TX | 21.9 | 13.3 | -14.0% | $299,900 | $169,900 | 76.5% |
| Austin, TX | 18.4 | 9.7 | -10.6% | $323,000 | $189,000 | 70.9% |
| Boston, MA | 17.6 | 9.5 | -47.9% | $516,000 | $316,750 | 62.9% |
| Indianapolis, IN | 17.3 | 9.0 | -58.0% | $197,000 | $119,950 | 64.2% |
| Los Angeles, CA | 16.8 | 12.3 | -40.9% | $635,000 | $330,000 | 92.4% |
| Worcester, MA | 16.7 | 8.8 | -41.1% | $290,000 | $185,000 | 56.8% |
| Cleveland, OH | 16.0 | 12.1 | -45.6% | $162,500 | $105,000 | 54.8% |
| Anaheim, CA | 15.8 | 11.7 | -25.8% | $705,000 | $405,500 | 73.9% |
| Nassau County, NY | 15.4 | 11.2 | -30.2% | $480,000 | $357,000 | 34.5% |
| San Jose, CA | 15.2 | 11.7 | -45.7% | $1,051,750 | $475,000 | 121.4% |
| Honolulu, HI | 15.2 | 12.2 | 19.3% | $590,000 | $425,500 | 38.7% |
| Oakland, CA | 14.6 | 10.8 | -58.2% | $738,000 | $312,000 | 136.5% |
| Montgomery County, PA | 14.6 | 11.2 | -36.4% | $340,000 | $265,000 | 28.3% |
| Philadelphia, PA | 14.5 | 10.3 | -38.4% | $232,500 | $155,000 | 50.0% |
| Frederick, MD | 14.3 | 10.5 | -29.6% | $425,000 | $315,000 | 34.9% |
| San Diego, CA | 14.2 | 10.7 | -46.2% | $595,000 | $328,250 | 81.3% |
| Chicago, IL | 14.2 | 9.3 | -22.0% | $256,500 | $167,000 | 53.6% |
| Baltimore, MD | 14.1 | 10.2 | -36.1% | $290,000 | $222,500 | 30.3% |
| Fresno, CA | 14.1 | 10.2 | -22.2% | $280,000 | $148,500 | 88.6% |
| New Brunswick, NJ | 14.1 | 10.4 | 95.8% | $340,000 | $289,000 | 17.6% |
| Richmond, VA | 14.0 | 10.6 | -51.4% | $269,950 | $199,000 | 35.7% |
| San Francisco, CA | 14.0 | 9.8 | -54.7% | $1,375,000 | $650,000 | 111.5% |
| Providence, RI | 13.7 | 7.8 | -35.7% | $295,000 | $195,000 | 51.3% |
| Cincinnati, OH | 13.6 | 9.5 | -46.3% | $195,900 | $119,250 | 64.3% |
| Warren, MI | 13.4 | 10.2 | -20.7% | $226,950 | $79,000 | 187.3% |
| Washington, DC | 13.4 | 9.2 | -38.1% | $410,000 | $299,900 | 36.7% |
| Bakersfield, CA | 13.3 | 8.8 | -12.4% | $245,000 | $113,000 | 116.8% |
| Columbus, OH | 13.2 | 9.7 | -43.5% | $222,000 | $130,000 | 70.8% |
| Jacksonville, FL | 13.2 | 9.5 | -35.4% | $240,000 | $132,950 | 80.5% |
| Tucson, AZ | 13.1 | 9.3 | n/a | $225,000 | $140,000 | 60.7% |
| Sacramento, CA | 12.8 | 9.4 | -52.8% | $417,000 | $195,000 | 113.8% |
| Hartford, CT | 12.7 | 8.0 | n/a | $232,500 | $176,500 | 31.7% |
| Greenville, SC | 12.4 | 9.6 | -24.3% | $222,500 | $130,000 | 71.2% |
| Minneapolis, MN | 12.3 | 8.7 | -45.0% | $286,950 | $158,900 | 80.6% |
| Atlanta, GA | 12.3 | 8.7 | -45.9% | $248,000 | $116,000 | 113.8% |
| Seattle, WA | 12.0 | 8.7 | -51.4% | $560,000 | $308,750 | 81.4% |
| Portland, OR | 11.9 | 8.5 | -40.0% | $408,000 | $225,000 | 81.3% |
| Tulsa, OK | 11.8 | 7.7 | -42.2% | $175,000 | $135,000 | 29.6% |
| Tampa, FL | 11.8 | 8.7 | -57.2% | $237,000 | $114,000 | 107.9% |
| Orlando, FL | 11.5 | 8.1 | -60.7% | $260,000 | $100,000 | 160.0% |
| West Palm Beach, FL | 11.1 | 9.2 | -28.5% | $289,000 | $130,000 | 122.3% |
| Rochester, NY | 10.8 | 7.6 | -37.7% | $164,900 | $118,000 | 39.7% |
| Albany, NY | 10.7 | 6.6 | -27.4% | $216,000 | $174,950 | 23.5% |
| Buffalo, NY | 10.5 | 7.2 | -30.7% | $170,000 | $115,000 | 47.8% |
| Raleigh, NC | 9.9 | 7.8 | -25.8% | $290,000 | $199,450 | 45.4% |
| Denver, CO | 9.3 | 8.7 | -47.2% | $420,000 | $208,700 | 101.2% |
| Phoenix, AZ | 9.1 | 7.6 | -62.2% | $280,995 | $111,000 | 153.1% |
| Las Vegas, NV | 8.0 | 7.2 | -51.8% | $286,000 | $118,500 | 141.4% |
| Omaha, NE | 7.2 | 6.4 | -52.4% | $216,450 | $145,000 | 49.3% |
| Louisville, KY | 6.3 | 4.0 | -52.7% | $210,000 | $143,258 | 46.6% |
| Grand Rapids, MI | 5.2 | 4.8 | -56.7% | $216,000 | $100,000 | 116.0% |