How long do homeowners New Yorkers live in their homes before selling?
just over eight years old.
statistics – from a new property shark Report covering all five cities – Trust conventional epistemological wisdom That people are leaving the city in large numbers. Last year, New York City homeowners had an average tenure of 8.1 years—a year more than the average “homeownership tenure” of 7.1 years in 2019.
Number-crunching reports show Those living in smaller homes – with one to four families – lived for nine to 10 years. The co-op owners sold after about seven years.
Two- to four-family homes had the lowest turnover in The Bronx, followed by single-family homes in Queens and Brooklyn. These happy residents lived for about 11 years.
Staten Island housekeepers had the shortest tenure – about five years.
The report said, “While it seemed as though the pandemic forced everyone to relocate, downsize or modify their current home, there were in fact more risk-averse owners, who were more likely to face such stress.” And were willing to stand down and leave during a period of uncertainty.” Which covered the sales in the last four years.
The reasons for the slowdown in turnover may be “golden handcuffsincident, says the report.
“Although there will always be homeowners who are forced to do so because of major life events, most owners have been quite reluctant to give up a 30-year fixed-rate mortgage when interest rates were very low.”
When it came to turnover, house size didn’t matter much, except for smaller houses in the Bronx. For homes less than 500 square feet, homeowners showed considerable stability, remaining so for about 22 years.
As far as the age of the house is concerned, most of the turnover happened in houses less than five years old. Overall average tenure for those was 2.3 years. In Manhattan, that figure was just 1.4 years — possibly because newer homes may be starter homes, where people are upgrading sooner for a growing family or a better job.
New York City’s homeownership rate is among the lowest in the country. Many residents of multi-family homes are renters.
When it comes to square footage, “generally, the larger the home, the more time owners spend before selling,” the report says. But in Brooklyn and Staten Island, smaller is better. The owners there spent the least amount of time in the largest homes, possibly due to higher maintenance costs.
A similar analysis in California showed Homeowners in Elk Grove and nearby Sacramento stayed on average less than 2.5 years. He lived for more than 9 years in the agricultural center of Salinas.
The number of transactions in the city decreased during the pandemic, with a low of 27,000 in 2020 and a high of 45,000 in 2021. Homeownership tenure is defined as the time between the most recent sale date and the last sale date. Households without at least one previous transaction were not included in the data.