How Long Do Most Families Stay in Their Home?

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. 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, 93.7% of homes with a mortgage are now in a positive equity situation with 79.1% 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 during a recent presentation by Lawrence Yun, the Chief Economist of NAR, at the Realtor’s Summit in San Diego, CA. Yun pointed to the fact that historically, young homeowners who were either looking for more space to accommodate their growing family or looking for a better school district were more likely to move more often (every 5 years). 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 circumstances. They could be baby boomers living in an empty, four-bedroom colonial, or a millennial couple planning to start a family that currently lives in a one-bedroom condo.

These homeowners are ready to make a move. Since the lack of housing inventory is a major challenge in the current housing market, this could be great news for sellers.  Give me a call to find out what your home is worth – J.P. Cook – 602-320-4253.

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2300 E Concorda Drive Tempe, AZ 85282

$623,500

4 Beds

2 Baths

2,252 SqFt

Status Active

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$623,000

4 Beds

2.5 Baths

2,439 SqFt

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$623,000

4 Beds

3 Baths

2,350 SqFt

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$622,462

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2 Baths

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Property Type Single Family Residence

Price Type --

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19016 W Rose Lane Waddell, AZ 85355

$621,915

6 Beds

3.5 Baths

3,159 SqFt

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Property Type Single Family Residence

Price Type --

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6798 W Andrea Drive Peoria, AZ 85383

$621,900

3 Beds

2.5 Baths

2,051 SqFt

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MLS # 6722958

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10130 S Bickwell Trail Apache Junction, AZ 85120

$621,848

5 Beds

4 Baths

3,099 SqFt

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MLS # 6768168

Property Type Single Family Residence

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28250 N 134th Avenue Peoria, AZ 85383

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$621,469

4 Beds

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Price Type --

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7313 E Fillmore Street Scottsdale, AZ 85257

$621,000

4 Beds

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Property Type Single Family Residence

Price Type --

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3946 W Antelope Way San Tan Valley, AZ 85144

$620,995

4 Beds

3 Baths

2,908 SqFt

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Property Type Single Family Residence

Price Type --

*Home is still Under Construction* Check out this beautifully crafted home with well-appointed interior finishes. A large center island in the kitchen overlooks the casual dining area. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. A large loft space on the second floor creates an abundance of living options that are perfect for the way you live. The resort-style amenities in this community will make your family feel they're on vacation year-round. Experience the luxury you've always wanted by touring today.

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3836 W Antelope Way San Tan Valley, AZ 85144

$620,995

6 Beds

4.5 Baths

3,164 SqFt

Status Active

MLS # 6779216

Property Type Single Family Residence

Price Type --

Check out this beautifully crafted home with well-appointed interior finishes. The pronounced front entry opens to a two-story foyer with a grand staircase. Premium finishes in the kitchen include name-brand appliances, upgraded cabinets, and tile floors. The open-concept great room is the perfect atmosphere for entertaining, with connectivity to the dining area and expansive views of the outdoor living space. A large loft space on the second floor creates an abundance of living options that are perfect for the way you live. Come experience your dream home today!

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15531 W Piccadilly Road Goodyear, AZ 85395

$620,900

2 Beds

2 Baths

2,154 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

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