Homeowners in the Northeast Stay in their Homes the Longest
"A lack of supply has been a persistent buyers' challenge in the housing market since the financial crisis," said Tendayi Kapfidze, Chief Economist at
Many homeowners have opted to stay in place, but how long they choose to do so varies by location.
Key findings
- Cities with shorter housing tenure have greater price appreciation. The top 10 cities had an average tenure of 7.46 years and an average three-year home price appreciation of 12 percent. The bottom 10, with an average tenure of 6.63 years, have average price appreciation 30 percent. This suggests that higher housing turnover drives prices upward, while faster price appreciation could be enticing home owners to sell.
- The northeast dominates the list of cities with the longest tenure. The top three cities,
Pittsburgh ,New York and Buffalo are all in the northeast. An additional three northeastern cities are in the top 10 for a total of six. - Hot and sunny places have the shortest tenures. The three cities with the shortest tenures —
Las Vegas ,Phoenix andAustin — are all in warm-weather areas. This reflects high migration rates to those cities.Denver is the only city in the bottom 10 that experiences a significant winter season.
To view the full report, visit https://www.lendingtree.com/home/mortgage/cities-where-homeowners-stay-put-the-longest
50 Largest Cities Ranked by Housing Tenure |
||||||
Rank |
City |
Average |
Average |
Median |
Median |
Median |
1 |
Pittsburgh |
7.54 |
55.58 |
$153,300 |
3% |
14% |
2 |
New York |
7.53 |
55.95 |
$440,900 |
3% |
11% |
3 |
Buffalo, N.Y. |
7.5 |
55.54 |
$148,900 |
5% |
19% |
4 |
Philadelphia |
7.49 |
54.49 |
$250,900 |
2% |
7% |
5 |
New |
7.48 |
55 |
$193,100 |
3% |
11% |
6 |
Hartford, |
7.45 |
54.96 |
$247,900 |
0% |
2% |
7 |
Cleveland |
7.44 |
55.88 |
$150,400 |
3% |
9% |
8 |
Los Angeles |
7.42 |
55.92 |
$617,100 |
7% |
25% |
9 |
Providence, |
7.4 |
55.16 |
$277,400 |
5% |
11% |
10 |
Memphis, |
7.37 |
54.54 |
$148,800 |
4% |
12% |
11 |
Baltimore |
7.32 |
53.91 |
$297,300 |
1% |
6% |
12 |
Milwaukee |
7.31 |
53.84 |
$213,800 |
5% |
12% |
13 |
St. Louis |
7.3 |
53.94 |
$172,200 |
2% |
10% |
14 |
San Jose, |
7.3 |
54.51 |
$957,700 |
5% |
30% |
15 |
Chicago |
7.29 |
53.78 |
$240,300 |
5% |
13% |
16 |
Boston |
7.24 |
54.49 |
$441,400 |
7% |
18% |
17 |
San |
7.23 |
55.75 |
$849,500 |
7% |
29% |
18 |
Birmingham, |
7.22 |
54.14 |
$161,400 |
5% |
11% |
19 |
Richmond, |
7.17 |
54.36 |
$237,900 |
5% |
11% |
20 |
Virginia |
7.17 |
54.08 |
$245,900 |
3% |
6% |
21 |
Louisville, |
7.16 |
54.01 |
$168,600 |
4% |
11% |
22 |
Detroit |
7.15 |
54.44 |
$171,600 |
7% |
26% |
23 |
Cincinnati |
7.15 |
53.3 |
$165,500 |
0% |
9% |
24 |
Washington |
7.09 |
52.74 |
$424,600 |
3% |
10% |
25 |
Columbus, |
7.09 |
52.39 |
$182,300 |
6% |
13% |
26 |
Kansas City, |
7.05 |
52.61 |
$180,700 |
4% |
13% |
27 |
Minneapolis |
7.03 |
51.42 |
$254,800 |
6% |
18% |
28 |
Miami |
7.02 |
57.57 |
$278,700 |
7% |
33% |
29 |
San Diego |
7 |
55.49 |
$563,800 |
7% |
23% |
30 |
San Antonio |
6.99 |
53.59 |
$170,100 |
6% |
18% |
31 |
Charlotte, |
6.99 |
52.56 |
$197,100 |
5% |
16% |
32 |
Atlanta |
6.99 |
52.16 |
$215,100 |
9% |
26% |
33 |
Indianapolis |
6.95 |
52.29 |
$162,200 |
6% |
15% |
34 |
Sacramento, |
6.95 |
54.86 |
$390,000 |
7% |
24% |
35 |
Seattle |
6.89 |
52.54 |
$439,800 |
12% |
31% |
36 |
Dallas |
6.89 |
51.72 |
$214,900 |
14% |
34% |
37 |
Riverside, |
6.86 |
54.04 |
$342,300 |
7% |
26% |
38 |
Raleigh, N.C. |
6.85 |
50.9 |
$244,500 |
3% |
15% |
39 |
Portland, |
6.84 |
53.34 |
$376,000 |
9% |
36% |
40 |
Salt Lake |
6.82 |
50.17 |
$294,800 |
10% |
24% |
41 |
Houston |
6.82 |
51.47 |
$192,900 |
6% |
26% |
42 |
Oklahoma |
6.78 |
52.37 |
$156,800 |
2% |
13% |
43 |
Nashville, |
6.76 |
51.98 |
$242,900 |
16% |
37% |
44 |
Tampa, Fla. |
6.73 |
57.63 |
$191,200 |
9% |
28% |
45 |
Jacksonville, |
6.72 |
54.6 |
$205,100 |
9% |
29% |
46 |
Denver |
6.63 |
51.61 |
$386,800 |
11% |
40% |
47 |
Orlando, Fla. |
6.59 |
54.72 |
$219,000 |
9% |
35% |
48 |
Austin, |
6.49 |
50.76 |
$283,600 |
8% |
30% |
49 |
Phoenix |
6.43 |
54.4 |
$246,900 |
7% |
25% |
50 |
Las Vegas |
6.36 |
53.71 |
$250,000 |
7% |
32% |
Methodology
To determine the cities with the longest housing tenure,
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