The typical American homeowner stays in their house for 11.8 years, according to a new data report published by Redfin (NASDAQ: RDFN).
Among the major metro areas, Los Angeles led the nation with homeowners holding onto their houses the longest – a median tenure of 19.4 years, as recorded in 2024. San Jose homeowners had the same idea – that metro recorded a median tenure of 18.3 years.
California was home to three of the five metros with the biggest increases in homeowner tenure over the last decade, although the leader in that category was the Rhode Island capital of Providence with a median tenure of 16.8 years in 2024, up from 10.9 years in 2014.
Redfin noted that California homeowners tend to hold onto their houses longer thanks to the 1978 law Proposition 13, which enables homeowners pay to property taxes of 1% of their home’s assessed value and strictly limits tax increases.
Redfin Senior Economist Sheharyar Bokhari noted the decision by California homeowners to retain their property is “a problem for young people trying to break into the state’s notoriously expensive housing market. Tight inventory only pushes home prices up more and adds to the generational homeownership divide.”
On the other end of the spectrum, the median homeownership tenure is shortest in Louisville, Kentucky (8 years), Las Vegas (8.4 years) and Charlotte, North Carolina (8.7 years).
