The average American homeowner has spent 13 years in their home, a much longer stay than the average eight-year homeownership tenure in 2010, according to a new analysis. But as homeowners hold onto their properties longer, it’s becoming more difficult for first-time buyers to find a home to purchase, the analysis shows.
In some metro areas, homeowners are staying put more than eight years longer than they did in 2010. For example, homeowners in Dallas, Houston, San Antonio, and Salt Lake City have the longest tenure in the nation.
Homeowners ages 67 to 85 are staying in their homes the longest. In a separate report from Freddie Mac, researchers blamed that trend on a shortage of 1.6 million homes. The median homeownership tenure is highest in Salt Lake City.