According to data from the U.S. Census Bureau, it is estimated that the average person in the United States will move 11.7 times in their lifetime. Of course, this figure will range based on age. For example, at age 18, a person can expect to move another 9.1 times in their remaining lifetime, but by age 45, the expected number of moves is only 2.7. As for how long the average American remains in their home before moving, this has historically been around 13 years. With this said, according to a recent study, the typical U.S. homeowner moved after 12.3 years in 2022. This figure is down from 13.4 years in 2020 and 12.9 years in 2021.
Factors impacting homeowner tenure
- Age: Younger homeowners tend to move more frequently than older homeowners. This is often due to changes in life circumstances, such as getting married, having children, or changing jobs.
- Location: Homeowners in some areas tend to move more frequently than homeowners in other areas. This is often due to factors such as the cost of living, the availability of jobs, and the climate.
- Financial situation: Homeowners who are struggling financially may be more likely to move in order to find a more affordable home.
- Personal preferences: Some homeowners simply enjoy the process of moving and exploring new places. Others prefer to stay in their homes for many years, building equity and creating a sense of community.
Homeowner tenure for Florida metro markets
Overall, Floridians in the various metropolitan markets throughout the state tend to move more often than the national average. In fact, of these metropolitan markets, only Miami saw the average homeowner tenure slightly exceed the national average.
- Miami: 12.5 years in 2022 – 14.3 in 2021 – 10.9 in 2012
- Jacksonville: 10.3 years in 2022 – 12.6 in 2021 – 10.9 in 2012
- Tampa: 9.0 years in 2022, – 9.5 in 2021 – 10.2 in 2012
- Orlando: 8.6 years in 2022 – 9.2 in 2021 – 9.6 in 2012
Although the amount of time a typical U.S. homeowner remained in their home slightly decreased in 2022, these figures are still substantially longer than before. For perspective, the median homeowner tenure in 2012 was about 10 years and in 2005 it was approximately 6.5 years. Homeowner tenure is predicted to rise over the next few years given the low mortgage rates that many homeowners are locked into. With both home prices and mortgage interest rates being significantly higher, many homeowners are less likely to pay a premium in exchange for moving.
Are you thinking about moving to South Florida? We can help! Contact Natasha at Live South Florida Realty, Inc. today! Also, don’t forget to download the free Florida Home Search app for your mobile device.