When it comes to moving, Americans are becoming homebodies. The median time U.S. homeowners stay put has risen to 13.3 years — twice the time between moves back in the early 2000s. But in many Texas cities, homeowners are changing addresses more frequently. Frisco residents have one of the lowest median time between moving of any U.S. cites — just 7.5 years according to a new study by consumer research firm ValuePenguin. Frisco recently topped the Census Bureau’s list of the fastest growing cities in the country. Folks in McKinney (7.9 years), Allen (9.5 years) and Denton (9.5 years) also move more often, compared with the rest of the country. Of course, all of those Dallas suburbs have big supplies of new housing that have more recently attracted owners.
The online firm looked at more than 300 U.S. housing markets for its comparison. A look at how homeowner tenures compares across the country. Nationwide, U.S. homeowners have been in their house a median of 13.3 years. In Texas, the median time residents have been in their homes is about 12 years. The longest tenure is in El Paso where the median home residency is 14 years. In the D-FW area, the median time for occupancy is closer to 11 years — residents stay the longest in Garland (13.4 years) and Richardson (13.3 years). Texas leads the country in home building, which contributes to a younger housing stock and shorter resident tenures. And in fast-paced economies in the state — especially the D-FW area — thousands of people move to the area each year to take new jobs. While an increase in millennial homebuyers should mean more moves, real estate agents are worried that rising mortgage rates will keep many homeowners staying put rather than relocating.
– Dallas Morning News, July 15, 2018