Homeowners Staying Longer, Boosting Prices
Irvine News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
American homeowners are staying put longer, with the median tenure at twelve years, double from two decades ago. This trend, driven by low property tax laws in California, is pushing home prices up and making it tougher for buyers. Cities like Los Angeles, San Jose, and San Francisco see the longest stays, while Louisville, Kentucky, and Las Vegas have the shortest. High mortgage rates and sky-high home prices, coupled with empty-nest baby boomers holding onto their low-rate loans, are exacerbating the issue. Despite recent rate dips, the housing market may remain tight for some time.
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