American homeowners are staying in their homes longer than ever before, according to the latest analysis from real estate data firm Attom Data Solutions.
Homes that sold in the third quarter of 2018 had been owned for 8.23 years, double the average ownership time in 2000, and the longest stretch recorded by Attom Data. Daren Blomquist, senior vice president of communications, notes that more expensive markets on the coasts are stagnating, as the top 9 metros with the longest homeowner tenures are in Connecticut and Massachusetts, and the next seven are located in California, MarketWatch reports. Meanwhile, Denver, Oklahoma City, Okla., Colorado Springs, Colo., and Austin, Texas have the shortest tenures.
As of the second quarter, 2.2 million homeowners were still underwater on their mortgages, meaning they owe more to their lending institution than the home is worth, according to data from CoreLogic. Another 550,000 have 5 percent equity or less, meaning that if that property were to be sold the transaction costs, such as a real-estate agent’s commission, would likely leave the homeowner with nothing.
