US Homeowners Set Record for Longest Tenure as 'Lock-In' Effect Inflates Prices

Rising interest rates and home prices have kept many homeowners from moving, tightening supply and driving up costs.

Published on Feb. 10, 2026

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US homeowners are staying in their homes for the longest period in at least 25 years, with the average homeowner tenure reaching 8.6 years by the end of 2025. Experts attribute this "lock-in" effect to homeowners reluctant to give up low mortgage rates from 2020-2021, as well as steep home price appreciation during the COVID-19 pandemic. This has kept resale inventory tight and prices elevated, even as the housing market has started to cool slightly.

Why it matters

The prolonged homeowner tenure is exacerbating the ongoing housing supply shortage, making it more difficult for prospective buyers to find and afford homes. This "lock-in" effect is contributing to stubbornly high home prices, even as mortgage rates have risen, pricing out many first-time and lower-income buyers.

The details

As of the end of 2025, home sellers had owned their homes for an average of 8.6 years, the longest period since at least 2000 when the national average was just 4.2 years. Rises in both interest rates and home prices played a role, with homeowners who locked in 2-3% mortgage rates during the pandemic reluctant to give that up. Meanwhile, the massive home price appreciation since COVID has also amplified affordability issues for many would-be buyers.

  • As of the end of 2025, home sellers had owned their homes for an average of 8.6 years.
  • In 2000, the national average homeowner tenure was just 4.2 years.

The players

Bill Banfield

Chief business officer at Rocket Mortgage.

Sarah DeFlorio

Vice president of mortgage banking at William Raveis Mortgage.

Rob Barber

CEO of ATTOM, a real estate data firm.

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What they’re saying

“Homeowners who locked in 2% to 3% mortgage rates during 2020 and 2021 are understandably reluctant to move and give that up, and that lock-in effect has kept resale inventory tight and prices elevated.”

— Bill Banfield, Chief business officer, Rocket Mortgage (The Post)

“People holding on to low interest rates tells part of the story. Still, we also have to contend with the massive appreciation in home prices since COVID, which has amplified affordability issues for many would-be homebuyers.”

— Sarah DeFlorio, Vice president of mortgage banking, William Raveis Mortgage (The Post)

“Homeowner tenure has grown steadily in nearly every major metro area over the past two decades, and the trend is especially pronounced in coastal and Northeast metros, where tenure often exceeds a decade, while many Sun Belt and Midwest markets continue to see comparatively shorter ownership periods.”

— Rob Barber, CEO, ATTOM (Axios)

What’s next

Even if mortgage rates don't return to 3-4%, many borrowers now view anything below 6% as a real opportunity and are increasingly willing to re-enter the market when rates start with a five, according to Rocket Mortgage's Bill Banfield.

The takeaway

The prolonged "lock-in" effect of homeowners reluctant to give up low mortgage rates, combined with steep home price appreciation, has exacerbated the ongoing housing supply shortage and kept prices elevated, pricing out many first-time and lower-income buyers. However, there are signs the market may start to open up as adjustable-rate mortgage holders are forced to re-enter the market and some buyers view sub-6% rates as an opportunity.