{"id":7666,"date":"2024-03-14T11:23:59","date_gmt":"2024-03-14T15:23:59","guid":{"rendered":"https:\/\/empireappraisalgroup.com\/?p=7666"},"modified":"2024-03-11T11:32:29","modified_gmt":"2024-03-11T15:32:29","slug":"redfin-boomers-aging-in-place-is-the-driving-force-behind-median-homeowner-tenure-doubling-since-2005","status":"publish","type":"post","link":"https:\/\/empireappraisalgroup.com\/redfin-boomers-aging-in-place-is-the-driving-force-behind-median-homeowner-tenure-doubling-since-2005\/","title":{"rendered":"Redfin: Boomers aging in place is ‘the driving force’ behind median homeowner tenure doubling since 2005"},"content":{"rendered":"

Redfin: Boomers aging in place is ‘the driving force’ behind median homeowner tenure doubling since 2005<\/h1>\n

Source:\u00a0 https:\/\/shorturl.at\/gLQR0<\/p>\n

Over the past two decades, the median homeowner tenure has jumped from 6.5 years to 11.9 years.<\/h3>\n
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In 2005, the median U.S. homeowner tenure was 6.5 years.<\/p>\n<\/div>\n

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In 2023, the median U.S. homeowner tenure was 11.9 years.<\/p>\n<\/div>\n

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That\u2019s according to\u00a0Redfin\u2019s new analysis<\/a>\u00a0of U.S. Census Bureau data.<\/p>\n<\/div>\n

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After climbing every year between 2005 and 2020, U.S. homeowner tenure has come down a bit due to the increase in home sales during the Pandemic Housing Boom. However, given spiked mortgage rates and low existing home sales, tenure rates could start going higher again.<\/p>\n<\/div>\n

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\u201cMoving forward, we expect homeowner tenure to remain flat or increase slightly for the foreseeable future,\u201d\u00a0wrote<\/a>\u00a0Redfin researchers. \u201cExisting-home sales hit a 15-year low last year, with many homeowners locked in by low mortgage rates, and while sales should pick up a bit this year, it\u2019ll be more of a trickle than a flood.\u201d<\/p>\n<\/div>\n

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Why did U.S. homeowner tenure increase so much between 2005 and 2020?<\/p>\n<\/div>\n

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Redfin says it’s because so many baby boomers choose to “age in place.”<\/p>\n<\/div>\n

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\u201cOlder Americans staying in their homes is the driving force behind longer homeowner tenure. Nearly 40% of baby boomers have lived in their home for at least 20 years, and another 16% have lived in their home for 10-19 years. For Gen Xers, more than one-third (35%) have lived in the same home for at least 10 years,\u201d\u00a0wrote<\/a>\u00a0Redfin researchers.<\/p>\n<\/div>\n

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To give an idea of who homeowners are in today\u2019s housing market, about 80% of baby boomers and 72% of Gen Xers are homeowners, while 55% of millennials and 26% of Gen Zers own their homes.<\/p>\n<\/div>\n

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In addition to “aging in place,” the Redfin report also cites state-level tax policies that encourage homeowners not to move as part of the reason for increased homeowner tenures. Most notably, Proposition 13 in California limits property tax increases for homeowners, thus encouraging them not to sell.<\/p>\n<\/div>\n

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<\/div>\n<\/div>\n
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On Wednesday, new construction data giant\u00a0Zonda announced<\/a>\u00a0that it acquired BDX and listings portal\u00a0NewHomesSource.com<\/a>, the largest new construction listings portal in the U.S.<\/p>\n<\/div>\n

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\u201cBDX is owned by a group of 24 leading homebuilders in America\u2014like Lennar, PulteGroup, KB Home and Beazer Homes. So this acquisition will be a game changer for the industry,\u201d wrote Zonda.<\/p>\n<\/div>\n

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Zonda CEO Jeff Meyers added that: \u201cBy combining a new home listings portal with Zonda\u2019s deep dataset, we\u2019ll be able to better serve the unique needs of home shoppers, ultimately driving more connections with buyers and awareness for home builders.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Redfin: Boomers aging in place is ‘the driving force’ behind median homeowner tenure doubling since 2005 Source:\u00a0 https:\/\/shorturl.at\/gLQR0 Over the past two decades, the median homeowner tenure has jumped from 6.5 years to 11.9 years. In 2005, the median U.S. homeowner tenure was 6.5 years. In 2023, the median U.S. homeowner tenure was 11.9 years. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[7],"tags":[],"yoast_head":"\nEmpire Appraisal Group - Highest Reviewed Appraiser in Broward<\/title>\n<meta name=\"description\" content=\"Need an Appraisal? Call or text us today for a free quote (561) 441-9298. Serving Broward County for over 15 years. Specializing in residential appraisals for listings, divorces, estate & Probate, bankruptcy, IRS Gift Tax, and much more. 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