Atlanta homeowners are staying put shorter
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If it feels like you used to know your neighbors better than you do today, you might be onto something. Metro Atlanta homeowners are staying put for shorter periods of time.
Why it matters: Relatively affordable metro areas and migration hotspots like metro Atlanta are seeing homes change hands more often. The churn effect of migration can fuel local economies.
Zoom in: The typical Atlanta homeowner has spent nine years in their home, down from 10.8 years a decade ago, according to a recent Redfin analysis of county records. That's a 17.6% drop.
- Ten years ago, metro Atlantans stayed put a little longer than the national average.
Between the lines: The pandemic sparked a moving frenzy, including here in metro Atlanta, Redfin notes.
Zoom out: Metro Atlanta was in line with other Sun Belt metro regions like Charlotte, Phoenix and Nashville.
- Midwest and Northeast cities like Chicago and Philadelphia saw longer tenures, and Cleveland and New Orleans were higher than the national average. Tenures in the two cities are continuing to steadily rise.
Median homeowner tenure is longest in Los Angeles and shortest in Louisville, Kentucky, per the analysis.
State of play: Homeowners nationally are holding onto their homes nearly twice as long as they did in 2005, analysts found.
- Many of those staying put are older adults aging in place. Most baby boomers who own houses are mortgage-free or have a low interest rate, according to Redfin.
Yes, and: Nearly 60% of Georgians secured a mortgage interest rate below 4%, according to a July 2023 Redfin study, creating a "golden handcuffs" scenario that can keep people in place.
Go deeper: America's homebuyers are getting older