LAS VEGAS (KTNV) — A recent study shows homeowners in Las Vegas are not staying in their homes for too long.
LendingTree, an online company that connects consumers with multiple lenders, said in a report that homeowners in Las Vegas stay in their homes an average of 6.36 years.
This number puts Vegas at the top of the list nationwide for the shortest amount of time.
On average, homeowners have stayed in their houses for about seven years, with a high of 7.54 years in Pittsburgh to that low 6.36 number in Las Vegas.
When it comes to the shortest amount of time, Vegas was followed by Phoenix, Austin, Orlando, Denver, and Jacksonville.
The difference may not seem like much, but according to a company specialist the research revealed a significant difference in home price appreciation that was related to the average tenure.
Also, reduced labor market mobility has led to fewer people leaving their homes and, more recently, higher mortgage rates have locked in many current homeowners, as a mortgage on a new house would mean an even higher interest rate.
New York, Buffalo, Philadelphia, New Orleans, and Hartford followed Pittsburgh when it came to homeowners staying the longest.