People in these markets are moving more frequently

Despite data showing that homeowners are tending to stay in their homes for longer – a US median of 13.3 years – there are some markets where moving is more frequent.

An analysis by consumer research firm ValuePenguin looked at the median years of residence for the 20 largest cities in America and how the numbers have changed in the past 4 years.

In almost all cases there was a reduction, showing that homeowners are moving more frequently.

Washington, DC has seen the largest decline in years of residence, slipping from a median 13.9 years in 2014 to 11.1 in 2018.

The shortest median of the 20 cities is in Denver with 9.7 years, down from 11.6 years in 2014. This is followed by Austin, TX (10.4 years down from 11.9) and Phoenix, AZ (10.8 years down from 12.3).

Why the change?
The ValuePenguin analysis suggests that the shorter medians in some cities are likely to be from recent influxes of first-time buyers; while the markets with longer medians may be impacted from low inventory.

The report from head of mortgages research Chris Moon also notes that economic uncertainty, higher home prices, and rising mortgage costs, are all possible reasons for people staying in their existing homes.