"Affordability likely drives the divide. First, the historically cheap mortgages of the pandemic era make relocation financially challenging now that rates are near historic norms. And for those lucky enough to have huge gains from their homes, tax challenges arise when considering relocation. Plus, the coastal markets have pricier housing, so moves to or within these areas can be prohibitively expensive. Meanwhile, the more affordable inland metros have been where Californians have been moving to, especially into newly constructed homes, moderating longevity."
"What's clear is that Californians, no matter where they live, own their homes longer than the national norms and that duration is expanding faster. The median ownership of the 87 metros outside the Golden State was 8.7 years in the third quarter. Non-California longevity was up just 1.1 years from 7.6 years in 2015. Here's how sellers in the state's 10 most-populous metros compare on ownership, ranked by longest stays San Francisco: 13.1 years, No. 2 of the 114 U.S. metros up 3.4 years."
Coastal California metros show longer median homeownership than inland metros: 11.8 years versus 10.5 years in the third quarter. A decade ago the gap was 9.5 versus 8.7 years, and the coastal increase since 2015 (2.3 years) outpaced inland growth (1.8 years). Pandemic-era low mortgage rates and large home equity gains create financial and tax barriers to relocation, while higher coastal prices make moves costlier. More affordable inland metros and new construction attract movers, moderating ownership duration there. Nationwide, non-California metros averaged 8.7 years, up 1.1 years since 2015.
Read at www.ocregister.com
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