AUSTIN (KXAN) — More than one-third of renters in the United States remain in their home for a minimum of five years, according to a new analysis from Redfin published Monday.
Comparing 2023 and 2013 data, the report found that 33.6% of renters maintain longer stays in their leased homes, compared to 28.4% of renters who did the same a decade ago. Redfin pulled those figures from the U.S. Census Bureau's 2023 renter tenure data.
Analysts said increased home buying costs are likely a contributing factor to renters remaining in their homes for longer periods, paired with the high costs associated with moving. However, those figures vary depending on one's age group.
Over a third of baby boomers have lived in the same place for longer than 10 years, and 56% of that generation's renters have maintained their same home for a minimum of five years. Elsewhere, 52.4% of Gen Z renters lived in their homes for less than a year back in 2023 — the highest percentage among any generation, per Redfin.
Looking at Austin metro data, 37.8% of Austin renters stayed in their homes for less than a year in 2023; comparatively, 40.8% of Austinites remained in their homes for less than a year in 2013.
The margin of long-tenured Austin renters has remained virtually the same over the past decade. In 2013, 5.9% of Austin renters lived in their homes for 10 or more years, while 6% of renters remained for the same timespan as of 2023 data.
Redfin also reviewed data from other major Texas communities as part of its analysis. Those included:
Dallas, Texas
Houston, Texas
San Antonio, Texas
The full report is available online.
