Homeowners in Los Angeles have the longest median tenure among big U.S. cities, according to a new report from Redfin.
Homeowners in California’s biggest city stayed in their homes a median of 19.4 years as of 2024.
Two other large California cities – San Jose and San Francisco – made the list of the top five metros with the longest homeownership streaks, with median tenures of 18.3 and 16.8 years, respectively.
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Homeownership tends to be longer in California due in large part to low property tax rate increases because of Proposition 13. That mandate also caps taxes at 1 percent of a home’s assessed value. Mortgage rates also have increased after the pandemic, disincentivizing people to sell their homes and move.
Rounding out the top five metros with long homeownership is Cleveland, OH (17.7 years) and Providence, RI (16.8 years). Among the top U.S. metros, Providence saw the largest increase in its median tenure over the past decade, of 5.9 years.
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