Americans are staying in their homes longer than they did two decades ago, with homeowner tenure reaching nearly 20 years in parts of California. According to a Redfin study, the median homeowner tenure nationwide was 11.8 years in 2024, down from a peak of 13.4 years during the pandemic but still nearly double the 6.5 years recorded in 2005.
California stands out with the longest homeowner tenures, particularly in Los Angeles, where the typical homeowner stays for 19.4 years, the longest in the U.S. This trend is largely influenced by Proposition 13, a state tax law that locks homeowners into low property-tax rates. For example, a homeowner who bought a Los Angeles home for $200,000 in 1990 would still pay under $5,000 in annual property taxes today, compared to $12,000 for a similar home purchased now.
The rise in mortgage rates has also contributed to longer tenures, as many homeowners are reluctant to sell their homes with low mortgage rates to take on new loans at higher rates. Gregory Eubanks, a Redfin Premier agent in Los Angeles, noted that many older homeowners are opting to expand their homes for multigenerational living instead of moving.
While this trend provides financial stability for existing homeowners, it poses challenges for young buyers trying to enter the housing market. Sheharyar Bokhari, a Redfin Senior Economist, pointed out that tight inventory and rising home prices exacerbate the generational homeownership divide.
The only metro area with a bigger increase in tenure than Los Angeles is Providence, Rhode Island, where the aging population contributes to longer stays. In contrast, cities like Louisville, Kentucky, and Las Vegas, Nevada, have shorter tenures due to more affordable housing.
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