San Diegans Staying in Their Homes Twice As Long
In 2005, a San Diego homeowner kept their property a median of 7.4 years. Today, it is 15 years, which is quite a bit higher than the national median of 11.9 years.
Most experts point to rising interest rates and home prices as top reasons why current owners don’t want to move, even if they want to. There are other factors, too, such as tax advantages in not moving, as well as households becoming multigenerational as for-sale housing shortages continue.
San Diego has homeowners staying the 14th longest of the 41 large metropolitan areas a recent study examined. Homeowners stayed longest in Los Angeles, a median of 18.7 years, followed by San Jose (17.8 years), and San Francisco (16.7 years).
The shortest tenure was in Louisville, KY, with a median of 7.4 years. It was followed by Las Vegas, NV, Raleigh/Charlotte, NC, and Nashville, TN, all tied for 8.5 years.
California homeowners stay in properties the longest in the nation, which the study largely attributed to Proposition 13. The law caps property tax increases up to 2 percent annually based on the purchase price at the time of the sale.
Median years San Diego County homeowners keep homes:
- 2023: 15 years
- 2022: 15.4 years
- 2021: 15.3 years
- 2020: 15.3 years
- 2019: 14.9 years
- 2018: 14.4 years
- 2017: 14.0 years
- 2016: 13.6 years
- 2015: 13.3 years
- 2014: 12.8 years
- 2013: 12.4 years
- 2012: 12.1 years
- 2011: 11.5 years
- 2010: 10.8 years
- 2009: 10.1 years
- 2008: 9.4 years
- 2007: 8.5 years
- 2006: 7.9 years
- 2005: 7.4 years
However, given that many Boomers actually want to downsize in San Diego, we need to provide them new, middle-class options. San Diego BIA's President argues that our biggest problem is a lack of residential construction, and I tend to agree. We do not have a diversity of housing choices or types, so there are no compelling incentives for Boomers to downsize or move into a more suitable home.
What do you think? Do you know a Boomer (age 60-78) that wants to downsize in San Diego, but can't find the right housing product?
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In the News
The election is right around the corner! Primary day is Tuesday, March 5, but registered California voters can vote by mail anytime before once they have received their mail ballot. In California, the primary is nonpartisan. In most races, anybody can vote for any candidates to advance to the November general election. One of the issues I most care about is supporting pro-housing candidates. If you'd like to see who San Diego Association of Realtors (SDAR) believes will preserve private property rights and help more San Diegans realize the dream of homeownership, please review the SDAR voter guide linked below.
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