CHARLOTTE, N.C., Jan. 24, 2019 /PRNewswire/ -- LendingTree®, the nation's leading online loan marketplace, today released its study on where homeowners stay in their houses 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 LendingTree. "There are not enough houses on the market, which has contributed to significant price
surges in many cities."
Many homeowners have opted to stay in place, but how long they choose to do so varies by location. LendingTree analysts set
out to assess the variation in the 50 largest cities in America. On average, homeowners have been in their houses for about seven
years, with a high of 7.54 years in Pittsburgh to a low of 6.36 in Las
Vegas. The difference may not seem like much, but research reveals a significant difference in home price appreciation
that is related to the average tenure.
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 and Austin — 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
housing
tenure
|
Average
age of
owner
occupied
household
|
Median
home
value est
2017
|
Median
home value
appreciation
2016-2017
|
Median
home value
appreciation
2014-2017
|
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
Orleans
|
7.48
|
55
|
$193,100
|
3%
|
11%
|
6
|
Hartford,
Conn.
|
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,
R.I.
|
7.4
|
55.16
|
$277,400
|
5%
|
11%
|
10
|
Memphis,
Tenn.
|
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,
Calif.
|
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
Francisco
|
7.23
|
55.75
|
$849,500
|
7%
|
29%
|
18
|
Birmingham,
Ala.
|
7.22
|
54.14
|
$161,400
|
5%
|
11%
|
19
|
Richmond,
Va.
|
7.17
|
54.36
|
$237,900
|
5%
|
11%
|
20
|
Virginia
Beach, Va.
|
7.17
|
54.08
|
$245,900
|
3%
|
6%
|
21
|
Louisville,
Ky.
|
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,
Ohio
|
7.09
|
52.39
|
$182,300
|
6%
|
13%
|
26
|
Kansas City,
Mo.
|
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,
N.C.
|
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,
Calif.
|
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,
Calif.
|
6.86
|
54.04
|
$342,300
|
7%
|
26%
|
38
|
Raleigh, N.C.
|
6.85
|
50.9
|
$244,500
|
3%
|
15%
|
39
|
Portland,
Ore.
|
6.84
|
53.34
|
$376,000
|
9%
|
36%
|
40
|
Salt Lake
City
|
6.82
|
50.17
|
$294,800
|
10%
|
24%
|
41
|
Houston
|
6.82
|
51.47
|
$192,900
|
6%
|
26%
|
42
|
Oklahoma
City
|
6.78
|
52.37
|
$156,800
|
2%
|
13%
|
43
|
Nashville,
Tenn.
|
6.76
|
51.98
|
$242,900
|
16%
|
37%
|
44
|
Tampa, Fla.
|
6.73
|
57.63
|
$191,200
|
9%
|
28%
|
45
|
Jacksonville,
Fla.
|
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,
Texas
|
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, LendingTree looked at data pulled in December 2018 from the Census Bureau's American Community Survey. The data includes median home values that we
also included in the study. The definition of cities is from the Census Bureau's Core-Based Statistical Area (CBSA)
boundaries.
About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices
they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same
way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners
in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage
refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to
improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies
consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for
life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more
information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.
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