According to a new analysis from Redfin, the average homeowner is staying in their home for 13 years. Just a decade ago, that average was 8.
In some cities, the tenures go even higher. And five of the top ten cities with the longest homeownership tenure were in Texas. Houston, Fort Worth, San Antonio, Dallas, and Austin all top the list with tenures ranging from 18.4 years up to 23.4.
Experts think that state property tax laws may have something to do with Texas’ rankings. Some Texas towns have policies in place that reduce property tax burdens for senior citizens, which have made it more affordable for older people to stay in their homes longer.
For example, in Texas, homeowners over the age of 65 have the option to defer property taxes until the home is sold. These ever-growing homeownership tenures are causing a shortage of available properties — especially affordable ones. When homeowners age in place that can reduce the number of homes for sale. Homeowners age 67 to 85 are remaining homeowners longer causing a shortage of 1.6 million homes according to a report by Freddie Mac. When homeowners stay put, that can reduce the number of homes for sale, making a market more competitive for buyers.
According to the analysis, homeowners who live in affordable areas, as well as in walkable communities close to schools and parks, are more likely to stay put longer. In fact, in areas with above-average “Walk Score” ratings homeowners stay 11 months longer than in less-walkable neighborhoods. Properties also sell eight days faster.
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