PHOENIX–The success some credit unions have in home lending may have less to do with their strategic approach and pricing and more to do with how often people in their states move.
A new analysis has found West Virginia is the state where residents are most likely to live in the same home long-term, with nearly 75% staying in their houses for more than a decade.
The average length of homeownership in the U.S. reached 11.9 years, nearly double the 6.5 years recorded in 2006. A new study by Highland Cabinetry, a cabinet manufacturing company, examined which U.S. states have residents who stay in the same home the longest.
According to the company, its analysis focused on three real estate and housing factors: the median number of years people live in one home, the share of the population living in the same house for more than ten years, and the number of residents moving out per 1K people. These factors were combined into a final score, ranking states from the most long-term residents to those with higher turnover, it explained
The full research findings can be found at this link.
The Findings
The findings show:
West Virginia is the state where residents are most likely to stay in the same home long-term, earning a score of 100/100. People live in the same house the longest in West Virginia, with a median of 10 years, but most residents stay even longer, with nearly 75% living in the same house for more than a decade. Migration is low, with only 23 people leaving the state per 1K residents.
Pennsylvania takes second place, with a score of 99. Like West Virginia, the median stay in one home reaches 10 years, and nearly three-quarters of residents remain in the same house for more than ten years. Migration is even lower here, with fewer people leaving the state compared to West Virginia, at a rate of 21.
Maine comes in third place for the states where people keep their homes the longest, with a final score of 98. 72% of residents have held onto the same address for over 10 years, tying with Pennsylvania. The typical stay in one home is nine years, and few residents choose to move away, as reflected in the state’s low migration rate of 20.
Michigan holds fourth place, with a score of 97. It stands out for having the lowest migration rate in the ranking, with 16 residents choosing to leave the state. The typical household stays in the same place for 9 years, while 71% of people keep their homes even longer, remaining for more than a decade. Contributing to this stability are Michigan’s safety and one of the lowest costs of living in the country, at just $37K,000
New York rounds out the top five states where residents are most likely to stay in the same home, scoring 96. While the median stay sits at nine years, 72% of New Yorkers live in the same home for over ten years, tying with Maine and Pennsylvania. The state also matches Michigan on safety, with both earning a score of 51 on the security index.
Mississippi takes sixth place, with a final score of 95. People stay rooted here for a long time, as 71% choose to live in the same property for over a decade. The migration rate sits at 21. Mississippi has the cheapest rent in the country at $1K, and the lowest overall cost of living at just $32,000.
Vermont ranks seventh among the states where residents stay longest in their homes, earning a score of 94. Safety is a big advantage here, with the state topping the ranking at 68 on the safety index, giving households confidence to settle in for an average of 9 years. Many go even further; nearly three-quarters of residents will anchor themselves in the same home for over a decade, the survey found.
New Hampshire ranks eighth, earning a score of 93. Residents here tend to settle down, with an average household staying in one home for 9 years. More than 70% of people stay for over a decade, drawn by the state’s safety, similar to Vermont, which is reflected in a security score of 66.
Ohio ranks ninth, scoring 92. Like Michigan, Ohio sees very few people moving out of state, with a migration rate of 16. Families typically stay in one home for 8 years, and 69% choose to remain for over ten years. Like Mississippi, affordability plays a role, as Ohio has the second-lowest rent in the ranking at $1,000.
New Jersey comes tenth, finishing off the list of the states with the most “forever homes,” earning a score of 91. 71% of residents choose to live in the same home for more than a decade, and the average household will stay just two years less, identical to Ohio.
