Residential Real Estate News
Americans Are Staying Put Longer: Homeownership Grows to 12 Years
Homeowners Stay Put the Longest in California, Hitting 20 Years
According to new data from Redfin, the median U.S. homeowner now stays in the same house for 12 years, the longest stretch since 2022. That represents a modest rebound from 11.8 years in 2024, as elevated mortgage rates and persistently high home prices continue to suppress turnover. Homeowners are increasingly "locked in," reducing the supply of homes for sale and intensifying competition for first-time buyers. The trend highlights a slow-moving housing market where affordability pressures and long-term ownership patterns are reshaping inventory dynamics nationwide.
While tenure peaked at 13.4 years in 2020, it retreated in the subsequent years amid the pandemic-era buying surge. Record-low borrowing costs and the rise of remote work spurred millions of Americans to trade up, relocate or cash in on surging home values. That churn has since faded.
Today's market looks markedly different. With affordability strained, homeowners are opting to stay put -- often by necessity rather than choice.
A Structural Shift in Mobility
The 12-year median underscores a longer-term transformation in U.S. housing dynamics. Two decades ago, Americans moved far more frequently. In 2005, the typical homeowner sold after just 6.5 years. Since then, tenure has nearly doubled.
Demographics are a central driver. An aging population -- particularly baby boomers and Generation X -- is increasingly inclined to age in place. Many older homeowners either hold properties outright or carry mortgages locked in at ultra-low rates secured before the Federal Reserve's tightening cycle. Trading those payments for a loan at today's rates would mean a significant financial reset.
Life-stage factors also weigh in. Younger households are more likely to relocate for job changes or growing families, while older Americans tend to have fewer triggers to move.
The result: fewer homes circulating through the market.
The Inventory Lock-In Effect
Extended tenure creates friction for first-time buyers already grappling with affordability constraints. A 2024 analysis from Redfin found that empty-nest baby boomers control 28% of the nation's homes with three or more bedrooms -- roughly double the share owned by millennials with children.
While aging homeowners benefit from low fixed costs, the broader market pays a price. Constrained supply contributes to price rigidity, particularly in entry-level and family-sized segments.
"High mortgage rates and home prices perpetuate a cycle that locks up housing inventory," said Chen Zhao, head of economics research at Redfin. Elevated borrowing costs discourage owners from moving, which limits supply and keeps prices firm -- particularly for first-time buyers attempting to enter the market.
There are tentative signs of relief. Mortgage rates recently slipped below 6% for the first time in more than three years, and price growth has moderated. Economists expect easing financial conditions to gradually loosen mobility, though few anticipate a return to pre-2010 turnover rates.
California Leads in Longest Tenure
Homeowners in Los Angeles now hold their properties for a median of 20 years -- the longest tenure among major U.S. metros and up from 19.4 years a year earlier. Close behind is San Jose at 18.7 years, followed by San Francisco at 16.5 years and San Diego at 14.5 years. Riverside homeowners average 12.4 years, still above the national median.
A key factor is the state's landmark property tax framework. Proposition 13, enacted in 1978, caps annual property tax increases and effectively rewards long-term ownership. The longer a homeowner stays, the larger the gap between their tax bill and prevailing market assessments -- a powerful incentive not to sell.
Subsequent amendments, including Proposition 19, sought to encourage mobility by allowing some homeowners to transfer tax bases when relocating. But the broader lock-in effect remains intact.
Faster Turnover in Affordable and Tourism-Driven Markets
At the opposite end of the spectrum are markets where prices are lower and employment patterns more fluid.
Louisville, Kentucky posts the shortest median tenure at 8.3 years. Las Vegas follows at 8.8 years, with Charlotte, Orlando and Raleigh clustered around nine years.
Affordability plays a major role. Lower home prices reduce the financial penalty of moving, making it easier for owners to upgrade or relocate. In tourism-oriented markets such as Las Vegas and Orlando, seasonal employment and investor activity also contribute to higher turnover. As some investors scale back holdings in those cities, resale activity adds to circulation.
Most Metros See Tenure Edge Higher
Across the 41 metropolitan areas surveyed, homeowner tenure rose in 28 markets between 2024 and 2025. Los Angeles recorded the largest annual gain, followed by Denver and Raleigh. Tenure was flat in Richmond, Virginia, and declined in 12 metros, with the sharpest drops in Chicago, Memphis and Baltimore.
The broader picture suggests a housing market defined less by rapid price appreciation and more by stagnation in supply. Even as borrowing costs ease, many homeowners remain financially anchored to properties purchased or refinanced during the era of ultralow rates.
Until mobility improves, the U.S. housing market may continue to resemble a game of musical chairs -- with fewer seats ever leaving the floor.
