N. Texas residents stay in homes 11 years on average

Dated: 07/16/2018

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Texas leads the country in home building, which contributes to a younger housing stock and shorter resident tenures. And in fast-paced economies in the state — especially the D-FW area — thousands of people move to the area each year to take new jobs.

When it comes to moving, Americans are becoming homebodies.

The median time U.S. homeowners stay put has risen to 13.3 years — twice the time between moves back in the early 2000s.

But in many Texas cities, homeowners are changing addresses more frequently.

Frisco residents have one of the nation’s lowest time spans between moves — just 7.5 years, according to a new study by consumer research firm Valuepenguin. Frisco recently topped the Census Bureau’s list of the fastestgrowing cities in the country.

Folks in Mckinney (7.9 years), Allen (9.5 years) and Denton (9.5 years) also move more often than the rest of the country. Of course, all of those Dallas suburbs have big supplies of new housing that have more recently attracted owners.

Homeowner tenures have been stretching out since the Great Recession, when many Americans couldn’t sell their house. But the median tenure in homes has stayed high even as the economy and housing market have rebounded.

Median home residency times are the longest in areas with challenged economies and real estate markets, including Detroit (20.3 years), East Los Angeles (18.4 years) and Cleveland (18.2 years), Valuepenguin researchers found.

The online firm looked at more than 300 U.S. housing markets for its comparison.

“I found that the lowest median tenures were reported by some of the country’s fastest-growing metropolitan areas, including Denver and Austin. In such places, I believe the recent influx of newcomers has knocked down the median years of residency,” said Chris Moon, Valuepenguin’s head of mortgages research.

“On the opposite end of the spectrum, homeownership tenure in cities like Detroit, East Los Angeles, and Cleveland is much longer due to economic immobility — homeowners here just can’t afford to move, because there isn’t as much appreciation in property values here when compared to some of the fast-growing metros.

“As first-time homebuyers become a greater proportion of all homeowners, the median — as well as the average — homeownership tenure will fall across the country,” Moon said.

In Texas, the median time residents have been in their homes is about 12 years. The longest tenure is in El Paso, where the median home residency is 14 years.

In the D-FW area, the median time for occupancy is closer to 11 years. Residents stay the longest in Garland (13.4 years) and Richardson (13.3 years).

Texas leads the country in home building, which contributes to a younger housing stock and shorter resident tenures. And in fast-paced economies in the state — especially the D-FW area — thousands of people move to the area each year to take new jobs.

While an increase in millennial homebuyers should mean more moves, real estate agents are worried that rising mortgage rates will keep many homeowners staying put rather than relocating.

“As first-time homebuyers become a greater proportion of all homeowners, the median — as well as the average — homeownership tenure will fall across the country.” Chris Moon, Valuepenguin’s head of mortgages research.

For all real estate-related questions or needs, contact www.michelleforemanrealtor.com or [email protected]

Michelle Foreman

Fourth Generation Realtor, Texas Urban Living

C: 214-394-2487

[email protected]

www.michelleforemanrealtor.com

Info taken from 

  • The Dallas Morning News
  • By STEVE BROWN Real Estate Editor [email protected] Twitter: @Stevebrowndmn

http://www.pressreader.com/usa/the-dallas-morning-news/20180716/282308205878076

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Michelle Foreman

Michelle Foreman isn't one to focus solely on getting the job done but instead on getting the job done RIGHT. Michelle, a Fourth Generation Realtor, is certified as both a Senior Real Estate Speciali....

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