A significant chunk of homeowners aren’t looking to sell their property, a survey found.
Specifically, more than 34%, or one-third, of U.S. homeowners say they’ll never sell their home, according to a questionnaire commissioned by real estate brokerage Redfin in September 2024.Of homeowners not looking to sell, older generations make up the largest group, with 43%, or two in five baby boomers preferring to stay in their homes.
About 34% of Gen X respondents say they never plan to sell their homes. Millennials and Gen Z homeowners, grouped together, are the least likely to stay put, with only 28% saying they’ll never sell.
This sentiment could make the dream of homeownership more distant for some, as it may exacerbate the nationwide
Out of the 1,802 participants, almost one-quarter (24%) responded that they’ll sell their property in five to 10 years, while 7% plan to within the next three years.
The main reasons cited for plans to stay put are having the house paid off and
Nearly 40% of survey participants say they have no interest in selling because they’ve almost or fully paid off their mortgage, meaning they own their home “free and clear” and only pay for expenses like property taxes and HOA fees.
Prices being too high on prospective homes is also making some homeowners hesitant to sell. About 30% of respondents — who do not intend on selling within the next five years— say they’re staying put because prices are too high, while 18% don’t want to give up their low mortgage rate.
Over 85% of U.S. homeowners have interest rates below 6%, 76.1% have rates below 5%, and just
Meanwhile, a significant portion of homeowners enjoy their current living situation, with 37% of respondents saying they don’t want to sell because they like their home and have no reason to look for another.
Marije Kruythoff, a Redfin agent based in Los Angeles, said that homeowners experiencing notable life changes are the ones opting to list their properties.
“The just-because movers — those who just want a bigger or nicer house — are staying put, mostly because it’s so expensive to buy a new house,” she said in a press release.