1306 ET - A third, or 33.6%, of U.S. renters have stayed in the same home for five or more years, an increase from 28.4% a decade ago, according to Redfin. High home buying costs and moving expenses have led to this trend. Currently, 25.6% move within a year, and 40.8% within one to four years. About 17% remained in the same property for five to nine years in 2023, compared to 14.4% in 2013. Nearly the same number, 16.6%, stayed in the same home for 10+ years, compared to 13.9% a decade earlier. Monthly mortgage payments have nearly tripled over the past decade, preventing many renters from being able to buy a home, Redfin says. The high cost of moving, or paying rental brokers in cities like New York, has also discouraged renters from moving regularly. (chris.wack@wsj.com)
(END) Dow Jones Newswires
December 30, 2024 13:06 ET (18:06 GMT)
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