How Long Do Most Families Stay in Their Home?

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Real Estate Agent with PalmerHouse Properties Florida - 941-882-0322 | Serving Sarasota, Manatee & Charlotte Counties

How Long Do Most Families Stay in Their Home?

How Long Do Most Families Stay in Their Home? | MyKCM
The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%. How Long Do Most Families Stay in Their Home? | MyKCM

Why the dramatic increase?

The reasons for this change are plentiful! The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made some homeowners much more fiscally conservative about making a move. With home prices rising dramatically over the last several years, 93.9% of homes with a mortgage are now in a positive equity situation with 78.8% of them having at least 20% equity, according to CoreLogic. With the economy coming back and wages starting to increase, many homeowners are in a much better financial situation than they were just a few short years ago. One other reason for the increase was brought to light by NAR in their 2017 Home Buyer and Seller Generational Trends Report. According to the report,
Sellers 36 years and younger stayed in their home for six years…”
These homeowners who are either looking for more space to accommodate their growing families or for better school districts are more likely to move more often (compared to 10 years for typical sellers in 2016). The homeownership rate among young families, however, has still not caught up to previous generations, resulting in the jump we have seen in median tenure!

What does this mean for housing?

Many believe that a large portion of homeowners are not in a house that is best for their current family circumstance; They could be baby boomers living in an empty, four-bedroom colonial, or a millennial couple living in a one-bedroom condo planning to start a family. These homeowners are ready to make a move, and since a lack of housing inventory is still a major challenge in the current housing market, this could be great news.

Bottom Line

There are many reasons to relocate in retirement, including a change in climate, proximity to family & grandchildren, and so much more. What are the reasons you want to move? Are the reasons to stay more important? Let’s get together to discuss your current equity situation and the options available for you, today! Call Julie Larson TODAY at 941-882-0322 to get more information regarding the value of your home or complete the form below!  
~ Keeping Current Matters
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Rainmaker
863,796
Les & Sarah Oswald
Realty One Group - Eastvale, CA
Broker, Realtor and Investor

Nine years...that is a huge increase. Perhaps baby boomers are just tired of moving and feel more content with their current home. 

Aug 07, 2017 01:19 PM #1
Ambassador
2,302,613
Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

I always thought the magic number of years was 7 but I am seeing more people stay and remodel.

Aug 07, 2017 01:40 PM #2
Rainmaker
144,506
Julie Larson Realtor® Sarasota FL 941-882-0322
PalmerHouse Properties Florida - 941-882-0322 | Serving Sarasota, Manatee & Charlotte Counties - Sarasota, FL
When you're thinking of moving...ThinkSuncoast.com

Thank you for your comments, Les & Sarah Oswald and Belinda Spillman for many of these homeowners, they had to wait until they gained back the equity that they lost when the market crashed. 

Aug 07, 2017 01:53 PM #3
Rainmaker
777,742
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

When I first got into real estate I was absolutely shocked when our clients would call us just 2-3 years after buying ready to sell and buy something else.  "So soon?" I thought "Didn't you just get the paint colors right and the pictures on the walls you wanted them on?"  Definitely people needed to wait out the downturn to gain their equity back and so years went on, but we did see many people short sale during that time too. -Kasey

Aug 07, 2017 04:03 PM #4
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Rainmaker
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Julie Larson Realtor® Sarasota FL 941-882-0322

When you're thinking of moving...ThinkSuncoast.com
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