Homeowners are staying put in their properties longer, but the length of homeownership tenure varies geographically. Fixr.com, a home improvement website, recently studied where homeowners are staying in their homes the longest versus shortest amounts of time.
In cities with the shortest homeownership tenure, the median period of ownership is less than 10 years, according to Fixr.com. The city of Enterprise, Nev., has the shortest homeownership tenure, at 6.6 years, followed by Frisco, Texas; Lehigh Acres, Fla.; and McKinney, Texas, which all have an average seven-year homeownership tenure.
On the other hand, homeowners are staying put much longer in other places. Detroit homeowners have the longest homeownership tenure, at more than 20 years. Los Angeles and Cleveland, Ohio, followed, with 18 years. “The reasons that homeowners choose to sell can vary from job security, economic growth, and wage stagnation to construction costs and housing market strength,” the study notes.
