IE Business Daily Business news for the Inland Empire.
U.S. homeowner is staying put longer than they once did.
The typical U.S. homeowner today stays in their home for 12 years, the longest period since 2022, according Redfin.
Homeowner tenure peaked at 13.4 years in 2020, but declined gradually during the next three years because of the increase in buying and selling caused by the pandemic, the Seattle-based real estate company reported.
“High mortgage rates and home prices perpetuate a cycle that locks up housing inventory,” said Chen Zhao, Redfin’s head of economics research, in a statement, “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.”
The median tenure of Riverside homeowners is 12.4 years, one of the nation’s highest rates, according to Redfin.
