How Long Do Most Families Stay in Their Home?

The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%.

Why the dramatic increase?

The reasons for this change are plentiful!

The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made some homeowners much more fiscally conservative about making a move.

With home prices rising dramatically over the last several years, 93.7% of homes with a mortgage are now in a positive equity situation with 79.1% of them having at least 20% equity, according to CoreLogic.

With the economy coming back and wages starting to increase, many homeowners are in a much better financial situation than they were just a few short years ago.

One other reason for the increase was brought to light during a recent presentation by Lawrence Yun, the Chief Economist of NAR, at the Realtor’s Summit in San Diego, CA. Yun pointed to the fact that historically, young homeowners who were either looking for more space to accommodate their growing family or looking for a better school district were more likely to move more often (every 5 years). The homeownership rate among young families, however, has still not caught up to previous generations resulting in the jump we have seen in median tenure!

What does this mean for housing?

Many believe that a large portion of homeowners are not in a house that is best for their current family circumstances. They could be baby boomers living in an empty, four-bedroom colonial, or a millennial couple planning to start a family that currently lives in a one-bedroom condo.

These homeowners are ready to make a move. Since the lack of housing inventory is a major challenge in the current housing market, this could be great news for sellers.  Give me a call to find out what your home is worth – J.P. Cook – 602-320-4253.

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48008 N 520th Avenue Aguila, AZ 85320

$460,000

3 Beds

2 Baths

1,584 SqFt

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Discover the enchanting skies adorned with stars at the incredible Fantastic Airpark property. Equipped with a hangar for your planes, RVs, and various toys, this residence is situated in Aguila within the Valley of the Eagle Flight Park. The kitchen boasts beautiful custom Knotty Alder cabinets, adding a touch of elegance. With three bedrooms and two baths, the property spans approximately 7 acres, featuring covered patios on either side to cater to all your outdoor activities. The bedrooms are thoughtfully soundproofed for peaceful nights free from snoring disturbances. The property is serviced by Aguila water, propane, and septic facilities. Building permits for the hangar are readily available. you won't be disappointed.

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$460,000

5 Beds

3 Baths

2,912 SqFt

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MLS # 6654144

Property Type Single Family Residence

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This remarkable home is situated in the renowned golf community of Rancho El Dorado, offering a high-end resort ambiance with scenic walking paths, serene lakes, and a variety of dining options and nearby shopping. Located in the ever-growing areaof Maricopa, this Adorable 5 Bed/3 full Bath home is move in ready! Open floor concept, with spacious backyard, landscaped with beautiful green grass, perfect for entertaining! Upstairs features a loft with built in desks and entertainment area. Located near shopping and amenities.

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9322 W Oregon Avenue Glendale, AZ 85305

$460,000

3 Beds

2 Baths

2,145 SqFt

Status Active

MLS # 6659752

Property Type Single Family Residence

Price Type --

This home is located in the Westgate Entertainment District and features A 3-bedroom + Den and 2 bathroom. This home is perfect for entertaining with a Large open floor plan including a Living and Family Room. Gourmet Kitchen with dark oak cabinets, granite countertops and large Island, Caffe Refrigerator, Frigidaire Double oven, microwave and dishwasher. Walking through the home you will love the tall ceiling with classy two-toned paint and 8ft. door. The Primary bedroom has an inviting double door entry and larger walk-in closet. The primary bathroom has separate tub and shower, 2 private raised vanities with pendent lighting. The additional bedrooms are generously sized with walk-in closets. The exterior of the home has an extended paver drive to the RV gate and mature landscape. Just minutes to the Loop 101, Westgate with all it has to offer including shopping, dining and night life activities not to mentions all the sporting options like The State Farm Stadium, Gila River Arena and various sports training facilities nearby. Coming Soon is the 60-acre VAI Resort with hotels and entertainment destinations in Arizona scheduled to open in 2024.

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21233 N 30th Avenue Phoenix, AZ 85027

$460,000

3 Beds

2 Baths

1,750 SqFt

Status Active

MLS # 6659219

Property Type Single Family Residence

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Beautiful north Phoenix home in a great location! Luxury vinyl plank flooring and new interior paint provide a bright, neutral landscape for you to personalize. An Arizona room makes a perfect sitting area with it's own mini split, office or gym space. Backyard with grass, patio and paved sitting area. White cabinets in the kitchen and new fixtures have modernized this great home. No neighbors behind, backs to grass field. Additionally, the inclusion of solar panels- OWNED, new Ecobbe thermostat and a Tesla charger highlights the home's commitment to sustainability and modern technology, offering both energy efficiency and convenience for electric vehicle owners. Overall, this property presents an appealing combination of comfort, style, and practicality.

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