ValuePenguin Finds Home Ownership Stays Slipping in Big Cities

Chris Moon

New York, NY -- Chris Moon, head of Mortgages Research at New York, NY-based ValuePenguin, a consumer research company, has analyzed median home ownership tenure across 318 U.S. cities to identify homeownership tenure trends.

Report Highlights:

• Home ownership tenures are getting shorter in big cities: Our study also examined how the median stay has changed since 2014. In nearly every case, the data showed that homeowners are spending less time holding onto their primary residences  
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• Are Home Owners Moving Out More Quickly? The median years of residence for home owners in the U.S. has decreased since 2014. But the median tenure for home owners has been at historic highs since 2008, as Americans are still feeling the effect of economic uncertainty, the movement of housing values and the rise in mortgage rates. 

• How Does Home Owner Tenure Affect Your Finances? We looked at the example of a consumer who took out a 30-year mortgage with the current national average rate of 4.56% and an initial down payment of 20%. If they made monthly payments on that mortgage for the median tenure of 13.3 years, then they would have built up at least 43% in equity—assuming there wasn't a decrease in property value.

Moon's report may be found at https://www.valuepenguin.com/how-long-homeowners-stay-in-their-homes

For more information, please contact:

Madison Reed | Media Relations

+1 646 693 8445