PROVIDENCE – The average homeowner in the Providence-Warwick-Fall River metropolitan area owns their home for 7.4 years, the ninth-longest housing tenure of the 50 largest metros in the nation, according to a report from LendingTree Thursday.
The longest housing tenure in the report was in the Pittsburgh metro, followed by the New York City metro and the Buffalo, N.Y., metro. The shortest home-tenure metro areas in the report were Las Vegas and Phoenix.
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Providence was the second-highest metro on the home-tenure list in New England, behind the Hartford, Conn., metro at No. 6 (7.45 years).
The report said the average homeowner in the Providence metro was 55.16 years old, which was the 10th-highest of the 50 metros in the report. The oldest average homeowner in the report was in the Tampa, Fla., metro.
The median value of a single-family home in the Providence metro was $277,400 in 2017, the 17th-highest median price of the 50 metros in the report. The San Jose, Calif., metro ranked No. 1.
Median home value appreciation in the Providence metro from 2016-2017 was 5 percent, ranking in the bottom half of cities in the report, and 11 percent from 2014-2017, the 11th-lowest growth rate of the 50 metro areas.
The Hartford, Conn., metro had the lowest value appreciation for both time periods at 0 percent and 2 percent, respectively. The Nashville, Tenn., metro ranked No. 1 in the nation for year-over-year growth from 2016-2017 at 16 percent. The Denver metro ranked No. 1 for appreciation from 2014-2017 at 40 percent.
The report used data from the Census Bureau’s American Community Survey, using data for core-based statistical areas.
