Portland-area homeowners have spent a median of 11.6 years in their home, up from 10.6 a decade ago, according to a recent Redfin analysis of county records.
Why it matters: Elevated home prices and mortgage rates are keeping people from buying their first homes — or moving into new ones.
Yes, but: After years of being well below the national median of 11.8 years, Portland appears to be pulling even.
Zoom in: Many of the homeowners hunkering down are older adults, aging in place.
Baby boomers who own houses are often mortgage-free or locked into low interest rates.
What we're watching: A shortage of homes for sale, partly due to homeowners staying put, is keeping prices high.
"Housing costs are unlikely to drop significantly unless many people start letting go of their houses," Redfin's Dana Anderson wrote in the report.