Apr 3, 2024 - News
New Orleans homeowners staying put longer than national average
Add Axios as your preferred source to
see more of our stories on Google.
The typical New Orleans homeowner has spent 15.6 years in their home, up 40% from a decade ago, according to a recent Redfin analysis of parish records.
Why it matters: Homeowners staying put is one reason there's a shortage of houses on the market across the country.
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.
By the numbers: The median homeowner tenure nationally is 11.9 years.
- In New Orleans, the 2013 median was 11.1 years. In 2023, it went up to 15.6 years.
Median homeowner tenure is longest in Los Angeles and shortest in Louisville, Kentucky, per the analysis.
- Tenure nationally slipped in recent years because of the pandemic-era moving frenzy, Redfin notes.
Go deeper: