303-915-6815
 Welcome to the COHomeSite.com Blog

2017-08-07 16:01:04
How Long Do Most Families Stay in Their Home?

How Long Do Most Families Stay in Their Home? | MyKCM

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%.

How Long Do Most Families Stay in Their Home? | MyKCM
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.  Thinking of buying or selling?  Let's look at your options.  Call or text us 303-915-0864 or Email Us Today!  Find us on Google+

 
Blog Archive
2019-04-18 13:04:29
Local 2019 Real Estate Trends (Millennial Buyers)

2019-04-17 15:46:12
Top Outdoor Features That Buyers Are Looking For

2019-04-17 15:45:50
Top Tips For A Summer Ready Home

2019-04-10 17:28:16
Is a Real Estate Investment Still Profitable?

2019-04-08 13:25:45
Your Home’s Spring Maintenance Checklist

2019-03-12 18:11:39
4 Reasons to Buy a Home in the Spring

2019-02-07 13:54:53
The KonMari Method: Helping You Prep Your House For Sale

2019-01-18 13:53:28
What is the Cost of Waiting Until Next Year to Buy?

2019-01-15 11:25:10
Buying a Home Young is the Key to Building Wealth

2018-12-10 12:33:03
What If I Wait A Year to Buy a Home?

2018-12-05 13:09:01
Where Are Interest Rates Headed in 2019?

2018-12-04 12:31:57
The #1 Reason to Not Wait Until Spring to Sell Your House

2018-11-06 10:47:52
5 Tips When Buying a Newly Constructed Home

2018-10-19 08:42:58
20 Tips for Preparing Your House for Sale This Fall [INFOGRAPHIC]

2018-10-08 12:04:11
Join Us for Our 2nd Annual Pumpkin Giveaway!

2018-10-02 09:53:11
Mortgage Interest Rates are Still Going Up… Should You Wait to Buy?

2018-09-25 11:24:11
Where Are Mortgage Interest Rates Headed In 2019?

2018-09-19 12:04:46
Lafayette Front Porch Streetscape Project is underway

2018-09-04 10:35:14
5 Reasons You Should Sell This Fall!

2018-08-22 13:10:54
5 Real Estate Reality TV Myths Explained

2018-08-21 15:27:54
Your Guide To Local Fun: August 2018

2018-08-17 14:52:58
One Huge Difference Between the 2008 Housing Market And Today

2018-08-15 13:49:20
Homes More Affordable Today than 1985-2000

2018-08-10 10:02:32
Buying Is Now 26.3% Cheaper Than Renting in the US

2018-08-08 16:17:22
Denver Café Named In Bon Appétit's Top 50 New Restaurants

Click here to see ALL articles.


Comment on this Article

Your Name:
Your Email:
Comments:
Verify:  Please enter the numbers shown to help eliminate spam.