01:15 PM EDT, 03/12/2025 (MT Newswires) -- US homeowner tenure held steady in 2024 from a year earlier, while it grew to more than 19 years in Los Angeles amid state tax incentives, according to a report published Wednesday by Redfin (RDFN).

The typical homeowner in the world's largest economy stays in their house for 11.8 years, unchanged from 2023, as elevated mortgage rates and sale prices impacted home sales, Redfin said.

The median tenure was much larger in some parts of California, led by 19.4 years in Los Angeles, marking the longest span on record for the area. It was followed by 18.3 years in San Jose, while San Francisco reached a 16.8-year tenure, the report showed.

Proposition 13, a California property tax law amendment, imposes a property tax of 1% of the home's assessed value and strictly limits tax increases, according to the real estate brokerage.

"Selling a home where you pay a 3% mortgage rate to move and take on a 7% rate would significantly increase a homeowner's monthly payment -- and in California, your property tax bill would also jump," Redfin said.

Redfin's data showed that people hang onto their homes for 17.7 years in Cleveland, Ohio, and 16.8 years in Providence, Rhode Island.

Nationwide, homeowners are holding onto their houses for nearly twice as long as they were in 2005.

"There are several reasons for the increase. The American population has grown older, and older people are less likely than younger people to move," Redfin said. "Additionally, they're financially incentivized to stay put; many older Americans own their homes free and clear, and those who do have a mortgage very likely have a lower rate than they would have today."

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