How Long Do Most Families Stay In Their Home

Dated: 08/07/2017

Views: 21

Image title


The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%.

Why the dramatic increase?

The reasons for this change are plentiful! The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made some homeowners much more fiscally conservative about making a move. With home prices rising dramatically over the last several years, 93.9% of homes with a mortgage are now in a positive equity situation with 78.8% of them having at least 20% equity, according to CoreLogic. With the economy coming back and wages starting to increase, many homeowners are in a much better financial situation than they were just a few short years ago. One other reason for the increase was brought to light by NAR in their 2017 Home Buyer and Seller Generational Trends Report. According to the report,

Sellers 36 years and younger stayed in their home for six years…”

These homeowners who are either looking for more space to accommodate their growing families or for better school districts are more likely to move more often (compared to 10 years for typical sellers in 2016). The homeownership rate among young families, however, has still not caught up to previous generations, resulting in the jump we have seen in median tenure!

What does this mean for housing?

Many believe that a large portion of homeowners are not in a house that is best for their current family circumstance; They could be baby boomers living in an empty, four-bedroom colonial, or a millennial couple living in a one-bedroom condo planning to start a family. These homeowners are ready to make a move, and since a lack of housing inventory is still a major challenge in the current housing market, this could be great news. Start your Connecticut Home Search now: http://bit.ly/2o9Z79q

Blog author image

Kris Morin

I was born and raised in West Hartford, spent most of my summers on the Connecticut shoreline and Block Island. I had found my love for real estate in 1990 assisting my mother, before launching my car....

Latest Blog Posts

Refi Options for Those With Low Credit Scores

If you want to get a second mortgage so you can make renovations to your home, it can be difficult if you have poor credit.A second mortgage can use a home’s equity as collateral for a second

Read More

3 Indoor Home Chores to Complete This Summer

It may be too hot to sweep out those rain gutters or clean that messy garage. But there’s plenty you can do in the cool of the indoors to keep your home in peak condition.Today’s

Read More

Steps to make your move seamless

Real Estate Relocation Guide: 7 Steps to a Seamless Move  Whatever your reasons are for relocating to a new area, the process can feel overwhelming. Whether you’re moving across

Read More

Pawcatuck Real Estate Market Report August 2018 from Bridget Morrissey

 The Pawcatuck Real Estate Market Report is a monthly statement of the average sales price, the median list price and the median price per square foot for Pawcatuck homes for sale.  

Read More