The Changing Landscape of Home Tenure: How Long Will Buyers Stay?

The Changing Landscape of Home Tenure: How Long Will Buyers Stay?The decision to purchase a home is often accompanied by thoughts of long-term settlement, but how long do buyers actually plan to stay in their homes before moving again? Recent trends shed light on the expected tenure of homeowners and the factors that could potentially prompt a move. Let's delve into these insights:

Expected Tenure Trends: The expected tenure in homes has increased to a median of 15 years. Repeat buyers intend to stay in their homes for the same length of time as the previous year, at 15 years. In contrast, first-time buyers' expected tenure has shortened, from 18 years last year to 15 years this year. Nearly half of those who purchased previously owned homes expected to stay in them for 16 years or more. Interestingly, buyers between the ages of 18 to 44 had the shortest expected tenure of 10 years, indicating a trend towards shorter-term ownership among younger buyers.

Factors Influencing Potential Moves: While buyers have an estimated timeframe for how long they will live in their homes, various factors could prompt them to move. Forty percent of buyers said that they would potentially move due to a life change, such as an addition to the family, marriage, children moving out, or retirement. Buyers between the ages of 18 and 44 were more likely than any other age group to potentially move for a larger home, at 39 percent. Additionally, buyers between the ages of 25 and 44 cited a job change as a significant factor in their decision to move, at 43 percent.

Forever Homes vs. Ever-Changing Plans: Interestingly, households with no children and married couples were the most likely, at 24 and 23 percent respectively, to say that they are never moving and that their current home is their forever home. This sentiment reflects a mix of stability and adaptability in homeowners' plans, highlighting the dynamic nature of housing decisions.

While buyers may have an initial expectation of how long they will stay in their homes, life changes and evolving needs can influence their decisions. Understanding these trends can help buyers plan for the future and make informed decisions about their homeownership journey.

*Statistical Source: National Association of REALTORS' 2023 'Home Buyer and Seller Profile'

 

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