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4mo ago

Redfin Finds U.S. Homeowner Tenure at 12 Years, With California Leading

High borrowing costs, coupled with Proposition 13 tax limits, keep listings scarce.

FILE: An aerial view of a suburban neighborhood.
FILE: A view of downtown Los Angeles. 
The typical homeowner has stayed in their home for 12 years as of December, almost double the median tenure of two decades ago, according to a new report from brokerage Redfin. Homes are seen in Hercules, California. (David Paul Morris, Bloomberg)
Americans aren’t moving like they used to

Overview

  • Redfin’s analysis of 2005–2025 county records puts the national median homeowner tenure at 12 years in 2025, up from 6.5 years in 2005 and below the 2020 peak of 13.4 years.
  • California metros dominate the longest tenures: Los Angeles tops 20 years, San Jose is 18.7, San Francisco 16.5, San Diego 14.5, and Riverside 12.4, with Sacramento at 12 and the only state metro with a slight decline since 2015.
  • Analysts point to Proposition 13’s capped reassessments and low property-tax growth as a strong disincentive to move, reinforced by high home prices and mortgage rates that make trading up costlier.
  • Mobility is higher in more affordable markets, with the shortest tenures in Louisville at 8.3 years and Las Vegas at 8.8, followed by Raleigh at 9.3 and Orlando and Charlotte at 9.2.
  • Redfin notes aging homeowners hold a large share of bigger homes and projects more turnover in the 2030s, while 30-year mortgage rates recently dipping below 6% could coax some listings even though most borrowers carry sub-5% loans.