Renters are staying put longer than they were a decade ago amid the ongoing housing affordability crisis.
In fact, 1 in 6 people, or 16.6%, are staying in their home for at least a decade. That's up from the 13.9% of people reported a decade ago, according to data from real estate brokerage Redfin.
It's no secret that renters are still being priced out of the market given the high home prices and borrowing rates. In fact, it's gotten to a point where an onslaught of home sellers recently slashed their prices for the first time in over a year to try and lure back buyers, a separate report from Redfin showed.
The medium U.S. home-sale price has more than doubled since 2012. It has also surged more than 40% since 2019, Redfin data showed.
