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    Here’s where homeowners are staying put the longest

    Here’s where homeowners are staying put the longest

    Source: Julia Falcon | Housing Wire

    Late last year, it was reported that more and more Baby Boomers are aging in place and not moving out of their homes.

    In fact, fewer U.S. homeowners moved in 2019 than ever before; an underwhelming 9.8% of Americans moved last year.

    A new report from LendingTree shows where homeowners are staying put the longest in the country’s 50 largest metro areas.

    In all, the report found that homeowners in the Northeast seem to stay in their homes the longest, while homeowners in warmer states move more frequently, which coincidentally correlates with the spring-time home buying trend.

    Additionally, the study unveiled that there’s a correlation between the home prices and the length of time people stay in their homes. Basically, prices appear to rise more quickly where people stay in their homes for shorter time periods.

    Home values in the 10 metros with the longest housing tenure appreciated an average of 8.7% from 2015 to 2018, LendingTree said. Over that same period, home values appreciated an average of 24.3% in the 10 metros with the shortest housing tenure.

    The top three metros where homeowners stayed put the longest were in New York, Pittsburgh and Philadelphia, for an average of 8.6 years, the report said.

    The metros with the most nomadic homeowners were Las Vegas, Phoenix and Austin, Texas. Homeowners in these metros tend to move after an average of 7.5 years.

    Here are metros where homeowners stayed the longest:

    • No. 1: New York City
      Average housing tenure: 8.65 years
      Median home value: $426,100
      Three-year, home-value appreciation: 6.8%
    • No. 2: Pittsburgh
      Average housing tenure: 8.64 years
      Median home value: $148,000
      Three-year, home-value appreciation: 11.7%
    • No. 3: Philadelphia
      Average housing tenure: 8.63 years
      Median home value: 245,000
      Three-year, home-value appreciation: 3.6%
    • No. 4: Buffalo, New York
      Average housing tenure: 8.61 years
      Median home value: $141,500
      Three-year, home-value appreciation: 13.2%
    • No. 5: Hartford, Connecticut
      Average housing tenure: 8.59
      Median home value: 246,600
      Three-year, home-value appreciation: 0.7%

    Here are metros where homeowners stayed the shortest:

    • No. 1: Las Vegas
      Average housing tenure: 7.44 years
      Median home value: $238,300
      Three-year, home-value appreciation: 39.8%
    • No. 2: Phoenix
      Average housing tenure: 7.53 years
      Median home value: $234,300
      Three-year, home-value appreciation: 30.8%
    • No. 3: Austin, Texas
      Average housing tenure: 7.57 years
      Median home value: $261,400
      Three-year, home-value appreciation: 25.3%
    • No. 4: Denver
      Average housing tenure: 7.73 years
      Median home value: $350,500
      Three-year, home-value appreciation: 31.3%
    • No. 5: Orlando, Florida
      Average housing tenure: 7.78 years
      Median home value: $201,600
      Three-year, home-value appreciation: 27.7%

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