Jacksonville Among Cities Where Homeowners Stay The Shortest Amount Of Time
Another indicator that Jacksonville is a fast-moving city:
Lending Tree's new study shows Jacksonville is among the top 10 cities where homeowners stay in their homes the shortest amount of time.
The analysts found Jacksonville homeowners move after an average of 6.72 years. That compares to a national average of about seven years. People stay in their homes the longest in Pittsburgh, at 7.54 years on average, and the shortest in Las Vegas, at 6.36 years on average.
Lending Tree found cities with shorter housing tenures had greater appreciation rates, suggesting that higher housing turnover drives up prices.
The 10 cities where homeowners have the shortest tenure have an average three-year home price appreciation of 30 percent, compared with just 12 percent for cities with the longest housing tenure, according to Lending Tree.
In Jacksonville the median home value appreciation between 2014 and 2017 was 29 percent, with a median value of $205,100.
Most of the top 10 cities with the shortest tenures have hot and sunny climates:
- Las Vegas
- Oklahoma City
Conversely, most of the top 10 cities where people stay in their homes the longest have colder climates:
- New York
- New Orleans
- Hartford, Conn.
- Los Angeles