Low property taxes are keeping homeowners in California’s major cities in their houses nearly twice as long as the average U.S. homeowner, real estate company Redfin reported March 12.
The typical Los Angeles homeowner stays in his house for 19.4 years before moving, longer than homeowners in any other U.S. city and the longest span on record for the area, Redfin reported.
“Long-term homeowners tend to have low monthly payments,” said Gregory Eubanks, a Redfin Premier agent in Los Angeles, in the report. “If they were to move—even using their equity as a down payment—they would have a much higher monthly payment because home prices and interest rates have soared over the last several years.”…