Charlotte renters are staying put longer
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Nearly 11% of Charlotte renters have lived in their homes for at least 10 years, up from about 9% a decade ago, according to a Redfin analysis of census data.
Why it matters: Many are staying put in their rentals because of high homeownership costs.
- Others prefer the amenities or flexibility that apartments offer.
By the numbers: Most U.S. renters move homes within five years, Redfin researchers found.
- But in 2023, roughly 34% lived in the same rental for longer than that — up from around 28% in 2013.
The big picture: The analysis shows that renters moved less often than a decade ago in all 50 of the most populous U.S. metro areas.
Between the lines: Homeowners are also hunkering down, with over a third saying they'll never sell their houses, according to a recent Redfin survey.
The bottom line: Younger people are more likely to relocate on a regular basis than older people.
- Most Gen Z renters had lived in their homes for less than a year in 2023, per Redfin.