More choose to stay where they are and renovate, making it harder for renters to enter market.
Despite rising home prices and a growing economy, U.S. homeowners’ mobility rate is stuck at a 30-year low as many opt to stay put rather than move to pursue job opportunities or trade up for more space.
The median duration of owners in their homes in 2017 was 10 years, according to data soon to be released by the National Association of Realtors. That matched last year’s duration, which, along with 2014, was the highest level since the NAR started tracking the data in 1985.
Americans aren’t moving in part because inventory levels have fallen near multidecade lows and home prices have risen to records. Many homeowners are choosing to stay and renovate, in turn making it more difficult for renters to enter the market.