Key Highlights
- Northeast tends to “keep” homeowners, according to LendingTree
- Warmer weather tends to keep homeowners on the move
2019 saw fewer homeowners moving from their homes than ever before. According to a new report from LendingTree, just 9.8% of American homeowners moved last year.
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LendingTree found that homeowners in the Northeast stayed put in their homes longer than homeowners living in warmer climates among the country’s 50 largest metro areas. LendingTree also found that home prices and home tenure length have a positive correlation.
Home values tend to increase faster in areas where homeowners have the shortest home tenure. Home values among the top ten metros with the longest home tenure experience a +8.7% value appreciation between 2015-2018. Also between 2015-2018 among metros with the shortest homeowner tenure, price appreciation averaged +24.3%
Compare longest homeowner tenure with home value appreciation:
1. New York City NY
– Average tenure: 8.65 years
– Median home value: $426,100
– 3-year home value appreciation: 6.8%
2. Pittsburgh PA
– Average tenure: 8.64 years
– Median home value: $148,000
– 3-year home value appreciation: 11.7%
3. Philadelphia PA
– Average tenure: 8.63 years
– Median home value: $245,000
– 3-year home value appreciation: 3.6%
4. Buffalo NY
– Average tenure: 8.61 years
– Median home value: $141,500
– 3-year home value appreciation: 13.2%
5. Hartford CT
– Average tenure: 8.59 years
– Median home value: $246,00
– 3-year home value appreciation: 0.7%
Compare shortest homeowner tenure with home value appreciation:
1. Las Vegas NV
– Average tenure: 7.44 years
– Median home value: $238,300
– 3-year home value appreciation: 39.8%
2. Phoenix AZ
– Average tenure: 7.53 years
– Median home value: #234,300
– 3-year home value appreciation: 30.8%
3. Austin TX
– Average tenure: 7.57 years
– Median home value: $261,400
– 3-year home value appreciation: 25.3%
4. Denver CO
– Average tenure: 7.73 years
– Median home value: $350,500
– 3-year home value appreciation: 31.3%
5. Orlando FL
– Average tenure: 7.78 years
– Median home value: $201,600
– 3-year home value appreciation: 27.7%
Thanks to LendingTree and HowingWire’s Julia Falcon for source data
Also read: Curb Appeal Renovations Provide Biggest ROIs, Podcast: Coronavirus Declared Pandemic. What Happens Next?, How Many Work Hours Needed to Pay Rent in 25 Largest US Cities?
