American homeowners are choosing to live in their homes longer than ever before. The average tenure surpassed eight years in Q2 of 2019 – a record high. This is nearly double the length of time homeowners held on to their property before the Great Recession when the average tenure was near 4.21 years. This latest data is from ATTOM Data Solutions.
High home prices are the main culprit behind the lengthening tenancy. Homeowners are hanging onto their properties longer, likely hoping that sooner or later prices will cool.
San Francisco had the longest tenure in the nation with homeowners residing in their homes an average of 10.26 years.
Today, conforming no-point 30-year fixed mortgage rates are averaging 4.00 percent and 15-year rates are near 3.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.