Older people aging in place are driving the general trend toward longer homeowner tenure as the average senior has held their home for at least 23 years, according to a new report from Redfin.
The older homeowner contingent is rising. Roughly 17% of people in the US are 65 or older, up from about 13% in 2010. Redfin said that its share is expected to continue increasing.
The typical American is still living in their home much longer than before, with median homeowner tenure sitting at about 10 years in 2012 and 6.5 years in 2005.
“The typical U.S. homeowner has spent 12.3 years in their home, down from the peak of 13.4 years hit in 2020 and 12.9 years in 2021,” according to the report.
Naturally, the younger the homeowner, the shorter the average time they have owned their home. Americans aged 35 to 64 have owned theirs for at least eight years. Of those under 35, nearly half (49%) have owned their home for three years or less, and another 37% have owned theirs for four to seven years.
Overall mobility during pandemic times along with lower mortgage rates drove down national ownership rates.