Homeowners in Philadelphia are remaining in their homes longer than at any time in at least twenty years, with the average tenure now sitting at 9.5 years, write Mike D’Onofrio and Sami Sparber for AXIOS.
In 2005, homeowners typically spent less than four years in their residences before deciding to move. These days, long tenure, high home prices, and limited inventory are keeping the housing market largely stagnant.
Philadelphia’s average tenure remains above the national average of 8.6 years. Homeowners in Barnstable, Massachusetts, tend to stay the longest, averaging 14.1 years, while Provo, Utah, has the shortest tenure at 6.9 years.
Over the last two decades, homeowner tenure has risen steadily across nearly all major metropolitan areas.
The “trend is especially pronounced in coastal and Northeast metros, where tenure often exceeds a decade, while many Sun Belt and Midwest markets continue to see comparatively shorter ownership periods,” said Rob Barber, CEO of ATTOM, an industry data provider.
At the same time, homeownership in the Philadelphia area has been falling, with the city’s rate declining to 52.4 percent in 2023 from 57.5 percent in 2005.
Read more about how Philadelphia homeowners are staying in their homes for longer than they have in 20 years in AXIOS.
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