The average homeownership tenure in the United States has reached 12 years, highlighting how long Americans now remain in the same homes. According to new data from Redfin, this is the longest stretch since 2022 and a slight increase from 11.8 years recorded in 2024. Elevated mortgage rates and persistently high home prices are limiting mobility, leaving many homeowners “locked in” and slowing the pace of housing turnover.
This extended tenure reflects a housing market that has become increasingly rigid. Fewer people are selling their homes, which reduces the number of properties available for purchase. As a result, first-time buyers face tighter supply and stronger competition in many regions across the country.
Although the current median tenure is high, it remains below the record peak of 13.4 years reached in 2020. During the pandemic, historically low mortgage rates and remote work opportunities encouraged millions of homeowners to move, upgrade, or relocate. That surge in activity temporarily increased market turnover.
However, today’s environment is very different. Mortgage rates remain elevated compared with pandemic levels, and home prices have climbed significantly in many markets. Consequently, many homeowners choose to stay where they are, often because moving would mean taking on a much higher monthly payment.
A Structural Shift in Housing Mobility
The rise in homeownership tenure reflects a deeper structural change in how Americans move. Two decades ago, homeowners relocated far more frequently. In 2005, the typical homeowner sold after about 6.5 years. Since then, that figure has nearly doubled.
Demographic factors play a major role in this shift. An aging population, particularly among baby boomers and Generation X, increasingly prefers to age in place rather than relocate. Many older homeowners either own their homes outright or hold mortgages with historically low interest rates secured before recent monetary tightening.
Switching to a new mortgage today would likely mean much higher borrowing costs. As a result, many households choose stability instead of trading up or moving to a different location.
Life-stage factors also influence mobility patterns. Younger households often move for career opportunities, family expansion, or lifestyle changes. Older homeowners, by contrast, typically face fewer reasons to relocate, which keeps more properties off the market.
The Housing Inventory Lock-In Effect
Longer homeownership tenure has a significant impact on housing supply. When homeowners stay in place longer, fewer properties become available for new buyers. This dynamic contributes to ongoing inventory shortages in many U.S. housing markets.
A 2024 analysis from Redfin found that empty-nest baby boomers control about 28% of the country’s homes with three or more bedrooms. That share is roughly double the portion owned by millennials raising children. This imbalance limits availability in the larger homes often sought by growing families.
While long-term homeowners benefit from stable housing costs and accumulated equity, the broader market experiences constraints. Reduced supply can keep prices elevated, particularly for entry-level homes and family-sized properties.
Chen Zhao, head of economics research at Redfin, noted that high mortgage rates and home prices create a cycle that locks up housing inventory. When borrowing costs are elevated, homeowners hesitate to sell, which keeps supply tight and reinforces price stability.
There are, however, early signs that conditions may improve. Mortgage rates recently dipped below 6% for the first time in more than three years, and home price growth has slowed. Economists expect these changes could gradually increase housing mobility, though a return to pre-2010 turnover levels appears unlikely in the near term.
California Leads in Long-Term Ownership
Some regions demonstrate even longer homeownership tenure than the national average. In Los Angeles, homeowners now stay in their properties for a median of 20 years, the longest tenure among major U.S. metropolitan areas.
Other California cities also rank high. San Jose averages 18.7 years, while San Francisco reaches 16.5 years. In San Diego, homeowners typically remain for 14.5 years, and Riverside records an average tenure of 12.4 years.
A major factor behind this pattern is California’s long-standing property tax structure. California Proposition 13, passed in 1978, limits annual property tax increases and rewards homeowners who stay in their homes for many years. Over time, this policy creates a widening gap between older tax assessments and current market values.
Later policy changes, including California Proposition 19, attempted to encourage mobility by allowing certain homeowners to transfer their tax base when moving. Nevertheless, the financial advantages of staying put remain strong.
Faster Turnover in More Affordable Markets
At the other end of the spectrum are markets with much shorter homeownership cycles. These areas often feature lower housing costs, greater labor mobility, and stronger investor activity.
Louisville has the shortest median tenure among the cities studied, at 8.3 years. Las Vegas follows with 8.8 years, while Charlotte, Orlando, and Raleigh each average around nine years.
Lower housing prices in these markets make moving less financially disruptive. Homeowners can upgrade or relocate without facing the large cost increases common in more expensive regions.
Tourism-driven economies also influence turnover rates. Cities like Las Vegas and Orlando experience higher mobility because seasonal employment patterns and investor activity lead to more frequent property transactions.
Most U.S. Cities See Tenure Rising
Across the 41 metropolitan areas examined in the study, homeowner tenure increased in 28 markets between 2024 and 2025. Los Angeles posted the largest annual increase, followed by Denver and Raleigh.
Some cities saw little change. In Richmond, Virginia, tenure remained stable, while 12 metros experienced declines. The steepest drops occurred in Chicago, Memphis, and Baltimore.
Overall, the data paints a picture of a housing market increasingly defined by limited mobility rather than rapid price growth. Even as borrowing costs slowly decline, many homeowners remain financially tied to properties purchased or refinanced during the era of ultra-low mortgage rates.
Until mobility increases, the housing market may continue to resemble a game of musical chairs. With fewer homes entering the market, buyers must compete for a limited number of available properties.
