Compared to previous years, homeowners are opting to spend more time holding onto their homes, with the median tenure increasing by 3 years since 2008. As of 2018, the median duration of home ownership in the U.S. is 13 years. As should be expected, the fastest-growing metro areas had the lowest median tenures. As a result, the Phoenix metro area holding time is 8 years. I don’t want to appear to be picking on New Jersey again (see Which State is the Biggest Loser?), but in Newark, a place where fewer people are moving to, the typical homeowner stayed for 15 years.
Last blog I wrote about Arizona being a leader in population gain due to our job growth, housing market, and weather. So that raises the question – which state had the most outbound moves in 2019? For the second consecutive year New Jersey lost the most people. Apparently the Garden State isn’t where a lot people want to live right now despite all the good things that state has to offer. Maybe the Chamber of Commerce’s new slogan should be “There’s Plenty of Room in New Jersey”.