Buying a house isn't a short-term living arrangement. Typically, if you're buying, you're planning to stay a while. But how long should home buyers expect to live in the house they purchase?
Well, conventional wisdom says you should expect to live in the house you buy for at least five years. Recently, though, Americans have been staying in their homes longer before selling and moving somewhere new. In fact, between 2019 and 2021, the typical homeownership tenure was cited as being somewhere between eight and 13 years. For comparison, in the early 2000s, it got as low as four and a half years. These days, it's getting shorter again.
In fact, according to ATTOM Data Solutions, home sellers who sold during the fourth quarter of 2022 had owned their homes an average of 5.85 years. That's the third shortest tenure since 2012 and represents a growing trend, with a majority of metro areas showing tenures down.
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