Older people aging in place are driving the general trend toward longer homeowner tenure as the average senior has held their home for at least 23 years, according to a new report from Redfin.
The older homeowner contingent is rising. Roughly 17% of people in the US are 65 or older, up from about 13% in 2010. Redfin said that its share is expected to continue increasing.
The typical American is still living in their home much longer than before, with median homeowner tenure sitting at about 10 years in 2012 and 6.5 years in 2005.
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