3 Reasons Most Homeowners Are Now Staying Put for at Least a Decade — If Not Forever

From coast to coast, American homeowners are kicking up their feet and deciding to stay for a while.

More than one-third of U.S. homeowners (34%) say they will never sell their current home, according to a Redfin-commissioned survey of 1,802 adults. And 27% won’t consider selling for at least 10 years.

That means 61% of today’s homeowners are in it for the long haul. But what is making them so determined to hold their ground?

Here are the key reasons homeowners are in no hurry to sell their homes.

1. Their home is fully or nearly paid off

Share of surveyed homeowners who cited this as a reason why they intend to stay in their current home: 38.6%

A mortgage payment is the No. 1 monthly expense for most homeowners. Many of us dream of the financial freedom of no longer being tied to the obligation of a home loan.

Why would those who can see the light at the end of the home loan tunnel suddenly turn around and begin the journey all over again?

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2. They have no reason to move

Share of surveyed homeowners who cited this as a reason why they intend to stay in their current home: 36.7%

Finding the perfect home in the right location can be a time-consuming and emotionally taxing experience. Those who have found their “forever home” understand how lucky they are and probably know that the odds are stacked against finding an ideal replacement.

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3. Home prices are too high

Share of surveyed homeowners who cited this as a reason why they intend to stay in their current home: 30%

Millions of homeowners who bought a home five or more years ago have seen the value of their property skyrocket. While climbing prices have been a boon for their net worth, the prospect of buying a new home is daunting now that prices have soared.

That’s especially true for those who would like to upgrade. High prices have convinced many homeowners that it makes more sense to stay put.

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Other reasons homeowners are staying put

Here are the rest of the reasons homeowners gave for remaining in place:

• They don’t want to give up their low mortgage rate: 18%
• Children or other family members still live at home: 16.1%
• They don’t want to pay high homeowners association fees: 7.9%
• Insurance costs are too high in the place they would prefer to live: 4.5%
• They have given their money to children or other family to buy their own homes instead: 0.4%

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