How Long Do Families Stay In A Home

Dated: 11/03/2016

Views: 315

The National Association of Realtors (NAR) keeps historic data on many aspects of home ownership. 

How Long Do Families Stay in a Home?

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%.

How Long Do Families Stay in a Home?

Why the dramatic Increase?


The reasons for this change are plentiful. The top two reasons are:


  1. 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).

  2. The uncertainty of the economy made some homeowners much more fiscally conservative about making a move.


However, with home prices rising dramatically over the last several years, over 90% of homes with a mortgage are now in a positive equity situation with 70% of them having at least 20% equity.


And, 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.


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.

Latest Blog Posts

OPEN HOUSE Sunday For Drastically Reduced Price 5BR With Almost 4 Acres In Country Setting

Do you desire sophisticated living in a serene country setting? Are you seeking the best value for your money in Sussex County? Look no further than 2 Liberty Trail! This regal 5

Read More

You Need More Than A Guide You Need A Sherpa

In a normal housing market, whether you’re buying or selling a home, you need an experienced guide to help you navigate the process. You need someone to whom you can turn to tell you how to price

Read More

Check Out TWO 4BR Colonial Open Houses This Sunday In Sparta

Seeking a fantastic 4BR Colonial in Sparta? Sunday's your lucky day! Team Nest Builder offers TWO gorgeous 4BR Colonial OPEN HOUSES in Sparta this Sunday, October 13th, from 1-3pm. Visit them both!

Read More

OPEN HOUSE Sunday Wonderful 3BR Crystal Springs Condo Townhome

Enjoy cachet, community and convenience in a vacation-like setting with 7 Hornbeam Way.  This move-in ready, 3-bedroom, 2.5-bathroom condo townhome offers Crystal Springs

Read More