Why More Homebuyers Are Staying in Their Homes Longer
Homeowners are planting more roots in their homes today.
And What That Means for Today’s Real Estate Market in Portland, Oregon
It used to be common for homeowners to buy a “starter home,” live there for five or six years, then upgrade. But that trend is shifting — dramatically. According to a 2024 housing report, today’s homebuyers expect to stay in their homes for 15 years or more. That’s a big jump from the 10-year average of just a few years ago.
So what’s going on — and what does this mean if you’re buying or selling real estate in Portland?
Let’s break it down.
1. Higher Home Prices and Mortgage Rates = Longer Commitment
Buyers in Portland and across the country are facing higher home prices and elevated mortgage interest rates. If you’re locking in a 6% or 7% rate on a home in today’s market, it’s natural to want that investment to last. Many buyers are skipping starter homes entirely and buying with a longer-term plan in mind.
2. Moving Is Expensive — Financially and Emotionally
Closing costs, moving trucks, inspections, repairs, new furniture… not to mention the mental stress of packing up your life. Most buyers today are saying, “Let’s not do this again for a while.” And who can blame them?
3. The Average Buyer Is Older and More Settled
The average age of a first-time homebuyer is now approaching 40. These buyers are often well into their careers, more financially stable, and thinking about long-term needs like school districts, home offices, and accessibility. They’re making bigger decisions with longer horizons.
4. Renovate Instead of Relocate
In Portland’s competitive real estate market, many homeowners are choosing to remodel instead of move. When someone adds sweat equity into custom updates, they’re less inclined to sell anytime soon. Custom cabinets and tile choices tend to create emotional attachment — and long-term plans.
5. Buyers Are Craving Stability
Let’s face it — the last few years have been a rollercoaster. Between the pandemic, inflation, and economic uncertainty, buyers are searching for security and stability. Homeownership has always been part of the American Dream, but now more than ever, it’s also about peace of mind and long-term planning.
What This Means for Buyers and Sellers in Portland
If you’re buying in 2024, expect your competition to be thinking long-term. Homes that meet “forever home” criteria — like layout flexibility, good locations, and updated systems — are still in high demand. And if you’re selling, marketing your home as a long-term lifestyle upgrade could be more effective than promoting it as a stepping stone.
Final Thoughts from a Local Real Estate Agent
As a Portland real estate agent, I work with buyers and sellers who are thinking not just about their next move — but about the next 10 to 15 years of their lives. Whether you're planning to list your home, buy your first one, or just want to better understand the market, I’m here to help you navigate it all.
