U.S. Homeowners Have Never Stayed Put for This Long
SAN FRANCISCO – A report from ATTOM Data Solutions finds that homeowners in the United States are remaining in their properties longer than they ever did before.
The second quarter of this year saw the average tenure rise to 8.09 years, a record high – especially when compared to the years leading up to the 2008 recession.
From 2001 to 2007, the average homeowner tenure was 4.21 year – almost half the time they spend there today. The 8.09 years mark represents a 3% increase from the first quarter and a 4% increase from last year. San Francisco, Portland and Tucson boasted the top three numbers for average tenure in the country.
“Potential homebuyers 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.
Source: HousingWire (07/18/19) Guerin, Jessica
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