How long have you lived in your home? Has it been five or 10 years? Then you’re pretty close to the national average! In fact, the average tenure of homeownership is actually 12 years according to the new Home Buyer and Seller Generational Trends Report 2017 by the National Association of REALTORS Research Department. Look below, because here are a few implications and interesting facts about the median length of homeownership.
Buyers expect to live in their homes for 12 years
We’ve already established the average tenure of homeownership is 12 years, but this recent research has a lot to do with age groups too. Millennials under 36 are predicted to spend only about 10 years, and those over 56 plan to spend around 20 years in their current home… it seems that the median length of homeownership also has something to do with your current age.
People are spending more time in homes than before
Interestingly enough, The Mortgage Reports found that the average homeownership timeframe has been increasing in length. In 2007, homeowners stayed for about seven years, and in 2008 they stayed for nine. But once 2016 came around, this number increased to ten years. This statistic is interesting especially when you consider the increase in renovators. The longer you stay in your home, the more upgrades you want/need to do… right?!
Important implications for home improvement
So what does this mean? Well, it has important implications for home improvement! If you’ll spend an entire decade or more in your current home, then that kitchen remodel or home expansion will pay off. This also tells us more about home renovations in general: renovators aren’t all flipping homes for profit, they’re updating their current home for comfort.