A Record 25% of Homeowners Have Lived in Same Home >20 years
According to a recent report from Redfin, Americans are staying put longer as rising home prices, a housing shortage and the pandemic make moving less attractive. However, they do point out that there are a handful of migration hot-spots, that include Charlotte, Tampa and Atlanta, that are bucking the trend. In addition, the report says that in 2020, a record 25.1% of homeowners lived in the same home for over 20 years. For comparison, this figure was 14.3% in 2010 and 8.6% in 2005. They partially attribute this increase to rising home prices that have made it more beneficial stay put. Indeed…
“While scores of Americans are on the move because they’re no longer tied to the office, many others are sitting tight. Some people have been reluctant to relocate because they don’t want crowds of prospective buyers coming through their homes during the coronavirus pandemic, while others have been holding off due to surging prices and fierce competition, according to Redfin Chief Economist Daryl Fairweather.”
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