Real Estate professionals and analysts have continued to look into why there continues to be a decrease in housing inventory along with rising home prices. Redfin has determined that more Americans are deciding to stay exactly where they are instead of moving on to another home. In fact, they have found that, “the typical American homeowner is now staying in their home for five years longer than they did just nine years ago.”
In an article published by Housing Wire, reporter Julia Falcon states that the average homeowner in the U.S. is staying in their home for about 13 years instead of only 8 years as they did in 2010. There are U.S. cities that blow those statistics out of the water with homeowners deciding to stay in their homes for 20 years or more. Cities such as Salt Lake City, Houston, San Antonio, and Dallas are in Texas see home owners that have stayed in their homes since the 1950s.
According to the article, “Redfin agent Christopher Dillard states ‘Because prices have been going up, and folks are gaining more and more equity, it’s hard to justify selling when there aren’t many if any affordable options.’”
Read the entire article.