A housing affordability crisis, depressed wages, insurmountable debts, and a downturn in the economy have paralyzed US homeowners as their ability to move collapses.
US homeowners in 2019 had spent an average of 13 years in their home, up from eight years in 2010, reported Redfin.
Across 55 metros Redfin analyzed, homeowners in all regions stayed in their home much longer versus 2010.
Salt Lake City, UT; Houston, TX; Fort Worth, TX; San Antonio, TX; and Dallas, TX were some of the metropolitan areas where homeowners were staying the longest as their economic mobility rotted away over the last decade or so.
Here are the top 18 cities where homeowners were staying in their homes the longest:
This means your home is your prison, and it's possible new homeowners will be stuck in their new purchases for a much more extended period than ones before them after the next recession strikes. That is because many of the new homeowners are millennials with insurmountable debts.
It's not just mortgage debt that will hold back millennial homeowners from moving — their student loans, auto loans, and credit card debt will also be a significant factor.
Plus, most millennials have been purchasing homes at the highest price extremes, they will have to wait for the Federal Reserve to blow up the housing bubble again before they can break even after prices fall in the next recession.
With economic mobility among all homeowners deteriorating, this is the latest example that the "greatest economy ever" is merely a hoax.