Here Are the Cities Homeowners Never Leave
Last week in this space, we wrote about the American cities that renters are most eager to leave. So this week we decided to take a look at the cities where people stay put.
A recent study from 55places.com, a website focused on active adult communities in the United States, used census data to find the cities (only those with 100,000 residents or more) that had the largest share of tenured homeowners — that is, those who have not moved in at least 30 years.
The resulting ranked list was largely a mix of cities at either end of the economic spectrum: cold-weather cities with lower median incomes and home values that have suffered as factories and jobs have disappeared; and warm-weather areas with healthy economies, high median incomes and rising property values.
Detroit, where the median household income was $30,344 a year and the median property value was $50,200, ranked first, with 39 percent tenured homeowners; Cleveland, where the median household income was $28,974 and the median property value $70,200, came in third, with 36 percent tenured homeowners.
Among the wealthier areas, cities in the San Francisco Bay Area featured prominently. Daly City, Calif., immediately south of San Francisco, where the median property value is 13 times that of Detroit, ranked second, with 37 percent of tenured homeowners. Berkeley, Calif., just across San Francisco Bay, had 35 percent tenured homeowners, as did Honolulu.
Below, the 20 major cities with the largest share of tenured homeowners, as well as the median property values and household income in each, as reported in the study.