Buying a home is a big undertaking. So when you purchase a house, you typically plan to stay a while. But for how long? The average number of years a homeowner lives in their home before selling tends to vary over time. As recently as a few years ago, homeownership tenure was growing. It hovered around eight years for a long time, with it occasionally reading closer to 10. But these days, it’s headed in the opposite direction. In fact, according to ATTOM Data Solutions’ first-quarter 2023 U.S. Home Sales Report, homeowners who sold at the beginning of this year had owned their homes an average of 5.59 years. That’s down from 5.81 years at the end of last year and is the shortest tenure has been since the middle of 2011. Among individual metros, tenure dropped the most from last year in Atlantic City, which saw it fall 27 percent. Other cities where homeowners are on the move included Dayton, Tallahassee, Chattanooga, and St. Louis. Homeownership tenure was longest in the Northeast and West, with Honolulu leading the list with an average tenure of 8.21 years. (source)
