Homeowners staying put having effects on the economy
Working to make ends meet might mean staying right where you are in your home.
A new report shows the typical homeowner in 2019 spent an average of 13 years in their home.
That number is up in major markets across the country, including in our closest larger markets like Tampa, Orlando, and West Palm Beach.
Real Estate Brokerage, Redfin, who conducted that study says prices are up, which means owners are gaining more equity, making it harder to justify selling.
Many older homeowners are staying in place because of a shortage of 1.6-million homes. according to Freddie Mac.
Another report shows home inventory at it’s lowest in 37 years, even with lower mortgage rates and unemployment numbers.