Here are the cities where renters stay put the longest: Report
FILE - In an aerial view, homes sit on lots in a neighborhood on Jan. 26, 2023 in Boca Raton, Florida. (Photo by Joe Raedle/Getty Images)
LOS ANGELES - Renters in America are staying put longer than ever, according to a Redfin analysis.
Redfin, which provides residential real estate brokerage and mortgage services, analyzed 2023 renter tenure data from the U.S. Census Bureau and found a third (33.6%) of U.S. renters have lived in the same home for at least five years.
"Monthly mortgage payments have nearly tripled over the past decade, preventing many renters from being able to buy a home," said Redfin Senior Economist Sheharyar Bokhari.
Cities where renters stay for more than 10 years
A decade later
A decade ago, the percentage of renters who stayed in their homes for longer than five years was at 28.4%.
While the majority of renters move within five years, the cost of buying a home has pushed many to stay longer, according to Redfin.
"Rents spiked during the pandemic, but have stayed relatively flat over the past two years as home prices and mortgage rates continued to climb. That has encouraged renters to stay in the same home, where they are less likely to face major rent increases. The recent construction boom has also led to a record number of new apartments hitting the market, keeping rents down and setting 2025 up as a renter’s market where more Americans will choose to rent, or remain renters," Bokhari said.
About 17% of renters lived in the same property between five and nine years in 2023, which is up from 14.4% in 2013.
Generational difference
More than a third of baby boomers have lived in the same home for at least 10 years, which is the most of any generation, according to Redfin.
More than half of Gen Z renters (52.4%) lived in their homes for less than a year, which is the highest across all generations.