IE Business Daily Business news for the Inland Empire.
The typical U.S. homeowner owns their house for nearly 12 years, but California homeowners tend to keep their home much longer, according to a report.
One reason California homeowners stay put longer than homeowners in other states could be Proposition 13, the 1978 initiative that mandates homeowners pay property taxes of one percent, reported Redfin, the Seattle-based real estate brokerage.
“Long-term homeowners tend to have low monthly payments. If they were to move—even using their equity as a down payment—they would have a much higher monthly payment because home prices and interest rates have soared over the last several years,” said Gregory Eubanks, Redfin agent, in a statement. “Many older homeowners are adding on, and creating a multigenerational home, with their kids and grandkids moving onto the property.”
Los Angeles had the longest ownership – a median of 19.4 years – of any major U.S. housing market in 2024. Riverside had median homeownership tenure of 12 years, Redfin reported.
