Staying longer doesn’t always mean you accrue more value.
The Cities Where Homeowners Stay Put the Longest
Homeowners in the northeast live in their houses longer than any other region in the country.
So says a study from loan marketplace LendingTree. Six of the top 10 cities where homeowners are reluctant to leave are located there. On average, homeowners stay put for about seven years. But those in the northeast stay a bit longer.
Wondering if your city made the list? Click or swipe to read through the cities where homeowners stay put the longest…
1. Pittsburgh, Pennsylvania
Known as the “Steel City,” Pittsburgh used to produce 60 percent of the country’s steel, says a study from Penn State’s College of Agricultural Studies. Residents of this historically blue-collar town tend to stay the longest in their homes.
Between scenic parks with walking trails, unique art, and championship sports teams, Pittsburgh has something for everyone.
- Average housing tenure: 7.54 years
- Median value: $153,300
- Three-year home price appreciation: 14 percent
Debt.com has reported Pittsburgh, Pennsylvania to be the city where credit debt has increased most in recent years.
2. New York, New York
The Big Apple is well known for its booming economy, vibrant nightlife, and high real estate prices. There’s always something to do and see in the city that never sleeps, drawing people from all over the country and the world.
- Average housing tenure: 7.53 years
- Median value: $440,900
- Three-year home price appreciation: 11 percent
3. Buffalo, New York
While lacking the glitz and glamour of the big city, Buffalo still has plenty to offer. It’s the second largest city in the state and is located 16 miles south of Niagara Falls. With its close proximity to Lake Erie, residents can also enjoy outdoor activities and scenic nature walks.
- Average housing tenure: 7.5 years
- Median value: $148,900
- Three-year home price appreciation: 19 percent
Buffalo, New York has also been ranked as the best city to start over after bankruptcy.
4. Philadelphia, Pennsylvania
A report by real estate listing site Trulia ranked Philadelphia No. 1 on the “Best Places to Be a Millennial” in the U.S. It found that young adults are more likely to own homes and make more money.
Philadelphia’s many universities and colleges make it a top student destination and an educational hub. Aside from being a millennial hotspot, Philadelphia is the biggest city with the cheapest homes, according to previous Debt.com reporting.
- Average housing tenure: 7.49 years
- Median value: $250,900
- Three-year home price appreciation: 7 percent
5. New Orleans, Louisiana
New Orleans is the first city on this list located in the southern part of the country. Well-known for its Creole cuisine, distinct music, and a variety of annual celebrations and festivals such as Mardi Gras, there’s nothing quite like it.
Located along the Mississippi River and a major port on the Gulf Coast, New Orleans is a strong economic and commercial hub in the southern region.
- Average housing tenure: 7.48 years
- Median value: $193,100
- Three-year home price appreciation: 11 percent
6. Hartford, Connecticut
The next city on the list takes us back to the East Coast to Hartford, Connecticut. The capital city of Connecticut was founded in 1635 and is among the oldest cities in the U.S. It’s also home to the Mark Twain House where the author wrote his most famous works and raised his family.
- Average housing tenure: 7.45 years
- Median value: $247,900
- Three-year home price appreciation: 2 percent
7. Cleveland, Ohio
It’s the second-largest city in Ohio. Cleveland’s population is around 385,000, according to Census data. It’s located on the southern shore of Lake Erie, approximately 60 miles west of the Ohio-Pennsylvania state border.
- Average housing tenure: 7.44 years
- Median value: $150,400
- Three-year home price appreciation: 9 percent
8. Los Angeles, California
Often referred to as the City of Angels, Los Angeles is known for its mild climate and high real estate prices. With easy access to beaches and hiking trails nearby, it’s a great place to enjoy nature. The sprawling metropolis is home to renowned museums, unique hotels, and bustling film industry.
- Average housing tenure: 7.42 years
- Median value: $617,100
- Three-year home price appreciation: 25 percent
9. Providence, Rhode Island
As the capital of Rhode Island, Providence is also the most populous city in the state. It was founded in 1636, only a year after Hartford, Connecticut. Providence combines the culture of a big city with the friendliness of a small town. The vibrant and diverse neighborhoods, as well as a thriving arts community, make this city a great place to live and work.
- Average housing tenure: 7.4 years
- Median value: $277,400
- Three-year home price appreciation: 11 percent
Debt.com has also reported that Providence, Rhode Island is one of the U.S. cities with the lowest student loan debt.
10. Memphis, Tennessee
Memphis, Tennessee is the 25th largest city in the U.S. It has a population of 652,236, says Census. Home of the blues, soul, and rock ‘n’ roll, the city gave birth to music legends such as Elvis Presley, Johnny Cash, B.B. King, Al Green, and Aretha Franklin.
Memphis stretches along the Mississippi River and sits at the intersection of two interstate highways, I-40 and I-55.
- Average housing tenure: 7.37 years
- Median value: $148,800
- Three-year home price appreciation: 12 percent
This article by Veneta Lusk was originally published on Debt.com.
Published by Debt.com, LLC
