Highlights. The average length of homeownership is 16 years, with lower-earning and less educated householders more likely to remain in their homes longer.
- 42.3% of homeowners have lived in their current home for less than 10 years.
- 8.6% of homeowners have lived in their home for 40 years or more.
- Among homeowners of 40 years or more, 93.0% live in single-family homes.
- An estimated* 29% of long-term homeowners were among the first to live in their homes, moving in within 5 years of construction.
- Homeowners who sold their homes in the second financial quarter of 2022 had an average tenure of 5.87 years.
*Insufficient construction data for homeowners with more than 40 years of tenure.
| Years Since Move-in | Share of Homeowning Households† | Average Household Income |
|---|---|---|
| 0 – 3 | 21.9% | $115,000 |
| 4 – 9 | 20.4% | $113,700 |
| 10 – 14 | 13.4% | $103,400 |
| 15 – 19 | 11.9% | $103,500 |
| 20 – 24 | 9.9% | $92,480 |
| 25 – 29 | 6.2% | $88,780 |
| 30 – 34 | 4.8% | $83,750 |
| 35 – 39 | 3.1% | $67,660 |
| 40 or more | 8.6% | $53,400 |
†May total more than 100% due to rounding.
Current Average Length of Homeownership
Homeowners will most likely remain in detached, single-story, single-family homes for over a decade.
- The average duration of homeownership is 16 years.
- Among homeowners who sold their homes in the second financial quarter of 2022, the average tenure was 5.87 years or 5 years, 10 months, and 13 days.
- 21.9% of homeowners moved into their homes within the last 3 years.
- 81% of them live in detached, single-family homes.
- 8.6% of homeowners have lived in their homes for 40 years or more.
- 89.1% of them live in single-family homes.
- The most popular year of construction among homeowners is from 1970 to 1979.
- Regardless of tenure, 14.1% of homeowners live in homes built in the 1970s.
- 12.5% of homeowners who moved in within the last 3 years own homes built in the 1970s.
- Among all homeowners who moved in within the last 3 years, 31.6% live in single-story homes.
- 40.0% of homeowners who have lived in their homes for 40 years or more live in single-story homes.
- 37.1% of homeowners who moved in the last 3 years lived in two-story homes.
- 33.8% of homeowners who have lived in their homes for 40 years or more live in two-story structures.
- 0.6% of homeowners who have lived in their homes for 40 years or longer live in multi-story structures with at least 50 units.
| Years Since Move-In | Home Built Within 5 Years of Move-In | Home Constructed From 1970 to 1979 |
|---|---|---|
| 0 – 3 | 13.1% | 12.5% |
| 4 – 9 | 14.1% | 11.9% |
| 10 – 14 | 26.0% | 11.0% |
| 15 – 19 | 28.5% | 11.9% |
| 20 – 24 | 30.8% | 13.2% |
| 25 – 29 | 27.2% | 15.3% |
| 30 – 34 | 29.8% | 16.5% |
| 35 – 39 | 29.9% | 23.5% |
| 40 or more | Insufficient Data | 27.5% |
Homeowner Characteristics & Length of Homeownership
Long-term homeowners are more likely to have lower incomes and less formal education.
- Homeowners who moved in the last 3 years have a household income 15.3% higher than the average homeowning household.
- Homeowners who have lived in their homes for 40 years or more have an average income that is 46.5% lower than the average homeowning household.
- Homeowners, in general, have an average income that is 47.7% higher than the national median household income.
- Among homeowners, 91.7% have at least a high school degree or equivalent; 40.1% have at least a bachelor’s degree.
- 42.9% of homeowners who moved in within the last 3 years have a bachelor’s degree or higher; 5.7% are not high school graduates (or equivalent).
- Among homeowners who have remained in their homes for 40 years or more, 23.4% have a bachelor’s degree or higher, while at least 14.3% never graduated high school.
| Years Since Move-In | High School or Equivalent | Bachelor’s Degree |
|---|---|---|
| 0 – 3 | 21.9% | 29.0% |
| 4 – 9 | 23.1% | 26.9% |
| 10 – 14 | 24.7% | 25.2% |
| 15 – 19 | 26.5% | 22.9% |
| 20 – 24 | 30.0% | 22.0% |
| 25 – 29 | 28.7% | 22.0% |
| 30 – 34 | 31.0% | 20.0% |
| 35 – 39 | 31.7% | 17.0% |
| 40 or more | 31.2% | 15.3% |
Household Characteristics & Length of Homeownership
Long-term homeowning households are most likely to be married couples with no nonrelatives present, while single long-term homeowners are most likely to be female.
- Among homeowners who moved within the last 3 years, 81.0% have households of 2 or more.
- Among these, 74.6% are married couples with no nonrelative present.
- 61.3% of homeowners who have lived in their home for 40 years or more include households of 2 or more.
- Among these households, 78.2% have no more than 2 members.
- 33.8% of homeowners who moved within the last 3 years have households of 3 or 4.
- 11.8% of these homeowners live in households of 5 or more.
- 11.2% of homeowners who have lived in their home for 40 years or more have 3- to 4-person households.
- An estimated 2.0% of these homeowners live in households of 5 or more.
- Households of 3 or more are most likely to remain in their homes for less than 10 years.
- 47.3% of single homeowners who moved in the last 3 years are female.
- 66.7% of single homeowners who have lived in their homes for 40 years or more are female.
| Years Since Move-In | Married | Single Female |
|---|---|---|
| 0 – 3 | 60.4% | 9.0% |
| 4 – 9 | 61.9% | 9.9% |
| 10 – 14 | 62.3% | 10.4% |
| 15 – 19 | 64.2% | 11.1% |
| 20 – 24 | 62.3% | 13.4% |
| 25 – 29 | 61.0% | 15.2% |
| 30 – 34 | 56.8% | 18.2% |
| 35 – 39 | 58.1% | 18.4% |
| 40 or more | 44.7% | 25.8% |
