The Typical U.S. Homeowner Hangs Onto Their House for 12 Years. In Los Angeles, It's 20 Years.
MWN-AI** Summary
A recent Redfin report indicates that the typical U.S. homeowner stays in their home for 12 years, a reflection of increasing home tenure that has reached its longest median since 2022. This trend peaked at 13.4 years in 2020, before gradually declining until 2024, coinciding with a pandemic-fueled surge in homebuying driven by low mortgage rates and the rise of remote work. However, as housing costs escalated, tenure began to rise again, increasing to 12 years in 2025.
Several factors contribute to this extended tenure. Notably, older homeowners, particularly baby boomers and Gen Xers, are more likely to remain in their homes due to financial incentives, as many own their homes outright or have manageable mortgage payments. This tendency can restrict inventory, particularly affecting first-time homebuyers, as 28% of three-bedroom-plus homes are owned by empty-nest baby boomers, twice the percentage owned by millennials with kids.
Significantly, homeowners in Los Angeles stay for an average of 20 years—the longest in the nation, while other Californian metros show similar trends. California’s Proposition 13, which locks in low property taxes, discourages many from relocating, further exacerbating the challenge for newcomers seeking affordable housing.
In contrast, regions with lower home prices, like Louisville and Las Vegas, exhibit much shorter homeowner tenures, with an average of 8.3 to 9.3 years. This reflects a more fluid market where affordability facilitates turnover.
Ultimately, while higher mortgage rates and steep home prices can create barriers to moving, recent improvements in home-buying affordability may encourage more activity in the housing market moving forward.
MWN-AI** Analysis
The recent report from Redfin indicates that U.S. homeowners are now staying in their homes for a median of 12 years—up from 11.8 years in 2024, showcasing a notable increase in homeowner tenure. In high-demand areas like Los Angeles, the average stretches even longer to 20 years. This prolonged holding period has significant implications for the housing market, especially for first-time buyers grappling with elevated prices and a limited inventory of starter homes.
The persistence of homeowners can largely be attributed to financial incentives, particularly low mortgage rates for existing homeowners and favorable tax policies in states like California. Measures like Proposition 13 effectively lock in low property taxes, discouraging relocation and thereby constraining housing supply. This dynamic pushes up home prices further, making market entry even more challenging for new buyers.
While 2020 saw a spike in turnover due to pandemic-induced migration and favorable borrowing conditions, the ongoing challenges of high housing costs have curtailed mobility. Redfin’s analysis highlights a discouraging cycle: existing owners are hesitant to sell amidst rising prices, thus limiting available inventory and perpetuating affordability issues for first-time buyers.
However, there is a silver lining. Mortgage rates have recently dipped below 6%, potentially improving affordability and revitalizing mobility in the market. If home prices stabilize or even decrease slightly, this could incentivize more homeowners to sell, subsequently increasing the inventory available to prospective buyers.
For investors, keeping a close eye on these trends is critical. Areas with short tenure like Louisville and Las Vegas could offer opportunities for quick turnover, while California’s long tenure markets require patience but may yield higher returns in the long run as inventory gradually increases. Monitoring these shifts will provide valuable insights for both home buyers and real estate investors alike.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
Redfin reports homeowner tenure peaked at 13.4 years in 2020, roughly doubling the average tenure from 2005. It then declined marginally for four years before ticking up in 2025.
The typical U.S. homeowner stays put in their house for 12 years, the longest median tenure since 2022. That’s according to a new report from Redfin , the real estate brokerage powered by Rocket.
Homeowner tenure peaked at 13.4 years in 2020, then gradually declined each year until 2024. The declines were driven by the pandemic-driven homebuying and selling frenzy, when record-low mortgage rates and remote work motivated many Americans to move. Tenure inched up from 11.8 years in 2024 to 12 years in 2025 as home sales slowed due to high housing costs.
Still, homeowners are holding onto their houses for nearly twice as long as they were in the early aughts. In 2005, for instance, the typical homeowner stayed put for 6.5 years before selling. Over the next decade-plus, people stayed in their homes longer as the American population grew older. Baby boomers and Gen Xers became increasingly likely to age in place because they’re financially incentivized to stay put—many older people own their homes free and clear, and those who do have a mortgage likely have a much smaller payment than a homebuyer would today. Older people also typically have less reason than younger people to relocate; for instance, they’re not as likely to move for a new job or grow their families.
Homeowners hanging onto their houses for a long time can be an obstacle for first-time homebuyers. A 2024 Redfin analysis found that empty-nest baby boomers own 28% of America’s three-bedroom-plus homes, twice as many as millennials with kids. While it’s understandable that older Americans want to hold onto their low housing payments—or no housing payment—the flip side is that it depletes inventory of starter homes and pushes home prices higher.
“High mortgage rates and home prices perpetuate a cycle that locks up housing inventory,” said Chen Zhao, Redfin’s head of economics research. “It can keep existing homeowners in place and financially discourage them from moving to a different home or a different neighborhood, which drives prices up even higher for first-timers trying to break into the market. But there is good news: Homebuying affordability has improved as mortgage rates have come down , dropping below 6% for the first time in over three years last week. And home-price growth has lost steam, and we expect it to improve more . That should push more Americans to move.”
California Homeowners Stay Put Longest, Led By Los Angeles
Los Angeles homeowners typically hang onto their homes for 20 years—the longest span in the nation. Los Angeles is also the metro with the biggest annual uptick in tenure: 20 years in 2025, up from 19.4 years in 2024.
It’s followed by another major California metro, San Jose, where homeowners stay put for an average of 18.7 years. Homeowners in San Francisco (16.5 years), San Diego (14.5 years) and Riverside (12.4 years) also hang onto their homes longer than the national average.
California’s tax laws incentivize homeowners to stay in their homes for a long time. Proposition 13, which was adopted in 1978, locks owners into low property taxes, discouraging them from moving and taking on a higher tax rate. Lifelong low property taxes keep bills low for homeowners, but they can limit the supply of homes for sale and push up prices, making it tougher for first-timers to break into the market.
There have been tax amendments in recent years, like Proposition 19, designed to incentivize longtime homeowners to move. But their impact has been limited.
Relatively Affordable Metros, Vacation Destinations Have the Quickest Home Turnover
Homeowner tenure is shortest in Louisville, KY, where the typical owner spends 8.3 years in their house before selling. It’s followed by Las Vegas (8.8 years), Charlotte, NC (9.2 years), Orlando, FL (9.2 years) and Raleigh, NC (9.3 years).
Tenure is shortest in those places partly because homes are affordable compared to many other parts of the U.S. When home prices are lower, it’s typically easier for homeowners to sell and move on because they’re not taking on an ultra-high mortgage payment on their next house. Another reason why tenure is relatively short in Las Vegas and Orlando: They’re vacation destinations, which means people may move in and out for short-term employment opportunities. Investors are also pulling back from Las Vegas and Orlando, which means some of them are selling homes and contributing to turnover.
Tenure Rose in Most U.S. Metros From 2024 to 2025
Homeowner tenure increased in 28 of the 41 metros in this analysis from 2024 to 2025, led by Los Angeles, Denver and Raleigh, NC.
It stayed the same in one metro (Richmond, VA), and declined in 12, with the biggest drops in Chicago, Memphis, TN and Baltimore.
To view the full report, including a chart, methodology and additional metro-level data, please visit: https://www.redfin.com/news/homeowner-tenure-12-years
About Redfin
Redfin is a technology-driven real estate company with the country's most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin’s clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.
You can find more information about Redfin and get the latest housing market data and research at https://www.redfin.com/news . For more information about Rocket Companies, visit https://www.rocketcompanies.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20260303313454/en/
Contact Redfin Journalist Services:
Kenneth Applewhaite
press@redfin.com
FAQ**
How might the increasing homeowner tenure influenced by the low inventory impact the stock performance of Rocket Companies Inc. Class A RKT in the real estate sector?
Considering the trend of prolonged homeowner tenure, what strategies could Rocket Companies Inc. Class A RKT implement to attract first-time homebuyers despite low housing inventory?
With California leading in homeowner tenure, what market advantages and challenges does this present for Rocket Companies Inc. Class A RKT in those regions?
How do improvements in homebuying affordability relate to the potential stock growth of Rocket Companies Inc. Class A RKT amid rising homeowner tenure?
**MWN-AI FAQ is based on asking OpenAI questions about Rocket Companies Inc. Class A (NYSE: RKT).
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