(Bloomberg) -- There’s no place like home.
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The median length of time Americans have owned their homes rose to a record of more than eight years in the third quarter, according to ATTOM Data Solutions. That’s up from 4.5 years when the recession ended in June 2009.
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With mortgage costs on the rise, moving will be “even less appealing as homeowners may not want to give up their rock-bottom interest rate to buy a new home at the now-higher rates,” according to Daren Blomquist, senior vice president at the firm.
The lengthening home-ownership tenure is also a consequence of tight housing inventory, a trend toward aging in place and a lack of appealing job opportunities in other communities.
©2018 Bloomberg L.P.