Homeowners today spend 11.9 years in their homes, which is an increase from 6.5 years just two decades ago. Tenure for homeowners peaked at 13.4 years in 2020 but has declined since then.

Baby boomers aging in place are driving homeowner tenure up, according to a new report from Redfin. In fact, nearly 40% of baby boomers have lived in their current home for at least 20 years, with another 16% residing in the same home for 10-19 years.

Conversely, only 35% of Gen Xers have lived in the same home for at least 10 years, while Millennials typically stay in homes for shorter periods. This is due, in part, to their youth and the likelihood of job changes, which are more typical than in older generations. Less than 7% of Millennials have lived in their current home for 10 years or more, 13% for 5-9 years, and 30% for less than 5 years. Finally, Gen Zers who own a home have had it for less than five years. Obviously, with the oldest Gen Zer turning 26 years of age in 2023, this isn't surprising.