Late last year, it was reported that more and more Baby Boomers are aging in place and not moving out of their homes. In fact, fewer U.S. homeowners moved in 2019 than ever before.
A new report from LendingTree shows where homeowners are staying put the longest across the country’s 50 largest metro areas. The report found that homeowners in the Northeast stay in their homes the longest, while homeowners in warmer states move more frequently.
Additionally, the study unveiled a correlation between home prices and the length of time people stay in their homes. Basically, prices appear to rise more quickly where people stay in their homes for shorter time periods.
Home values in the 10 metros with the longest housing tenure appreciated an average of 8.7% from 2015 to 2018, LendingTree said. Over that same period, home values appreciated an average of 24.3% in the 10 metros with the shortest housing tenure.
The top three metros where homeowners stayed put the longest were in New York, Pittsburgh and Philadelphia, for an average of 8.6 years, the report said. The metros with the most nomadic homeowners were Las Vegas, Phoenix and Austin, Texas. Homeowners in these metros tend to move after an average of 7.5 years.
Here are metros with the longest housing tenures:
- No. 1: New York City
Average housing tenure: 8.65 years
Median home value: $426,100
Three-year, home-value appreciation: 6.8% - No. 2: Pittsburgh
Average housing tenure: 8.64 years
Median home value: $148,000
Three-year, home-value appreciation: 11.7% - No. 3: Philadelphia
Average housing tenure: 8.63 years
Median home value: 245,000
Three-year, home-value appreciation: 3.6% - No. 4: Buffalo, New York
Average housing tenure: 8.61 years
Median home value: $141,500
Three-year, home-value appreciation: 13.2% - No. 5: Hartford, Connecticut
Average housing tenure: 8.59
Median home value: 246,600
Three-year, home-value appreciation: 0.7%
Here are metros where homeowners stayed the shortest:
- No. 1: Las Vegas
Average housing tenure: 7.44 years
Median home value: $238,300
Three-year, home-value appreciation: 39.8% - No. 2: Phoenix
Average housing tenure: 7.53 years
Median home value: $234,300
Three-year, home-value appreciation: 30.8% - No. 3: Austin, Texas
Average housing tenure: 7.57 years
Median home value: $261,400
Three-year, home-value appreciation: 25.3% - No. 4: Denver
Average housing tenure: 7.73 years
Median home value: $350,500
Three-year, home-value appreciation: 31.3% - No. 5: Orlando, Florida
Average housing tenure: 7.78 years
Median home value: $201,600
Three-year, home-value appreciation: 27.7%
