Linda Stone spent much of her childhood packing boxes, a necessity shaped by her father’s service in the U.S. Air Force. With a new assignment, the entire family would pack up and relocate, a process that took them across several states and even as far as Germany. After marrying, she continued this trend and moved to Tennessee with her husband. Each new school, neighbor, and accent was an adventure rather than a burden for the young girl.
“I loved the feeling of starting anew every time we moved, and getting to meet new friends,” Linda recalled in an interview.
As an adult, she brought her “moving gene” into her marriage, relocating four times in total. However, after settling in Utah for the last time a decade ago, she decided that she wouldn’t move again. This decision stemmed from a simple reason: the fixed mortgage rate she secured ten years ago was around 3.5%. Moreover, she began to feel remorse about frequently moving her children during their formative years.
Linda’s experience isn’t unique. A notable shift is occurring across the United States, where moving has become less common. Once characterized by a trend of changing homes every five to seven years, homeowners now retain their properties for a median duration of 12 years. Contrary to the common perception that Americans enjoy relocating because they cherish freedom, the reality is more complex and intertwined with the nation’s financial and tax structures.
Data from the National Association of Realtors (NAR) reveals that in 1985, the median length of homeownership in the U.S. was just five years; from 1987 to 2008, it averaged about six years. According to real estate platform Redfin, homeowners in 2005 typically held onto their houses for about 6.5 years.
The financial crisis of 2008 caused home values to plummet, which left many unable to sell their homes, and as a result, the duration of homeownership steadily increased. By 2020, the median duration had reached an all-time high of 13.4 years. Following a surge in relocations spurred by the pandemic, this figure dipped to 11.8 years in 2024, only to rebound again to 12 years in 2025.
The NAR’s 2025 report on homebuyers and sellers also noted that the median holding period before selling was 11 years, marking the highest in the report’s history. This trend suggests that Americans are now spending twice as long in a single home compared to two decades ago.
It isn’t just homeowners embracing the stationary lifestyle; even renters have seen a decline in moving rates, with the proportion of Americans relocating hitting historic lows. When the U.S. Census Bureau began tracking this data in 1948, around 20.2% of the population moved each year, equating to one in every five people. By 2024, a Harvard Joint Center for Housing Studies analysis of another Census survey showed that only 11.2% of households moved, the lowest recorded figure to date.
One major factor that previously made moving attractive was the financial incentives associated with relocating. The Internal Revenue Service (IRS) allows single homeowners to deduct up to $250,000 in capital gains when selling their primary residence, and couples filing jointly can deduct up to $500,000, provided they have lived in the home for at least two years out of the last five before selling. This provision, often referred to as “Section 121,” makes homes a sort of tax-free savings account.
Linda moved three times after getting married in Tennessee. They purchased their first house for $230,000 and sold it for $280,000 after five years. The couple moved again after three years, selling a home for $380,000 due to unsatisfactory neighborhood relations. Both transactions fell within eligibility criteria for the capital gains exclusion, allowing them to evade federal capital gains tax entirely.
However, the apparent profit does not translate neatly into real earnings due to other costs such as agent commissions, closing fees, moving costs, and renovations on new homes. Despite this, the appreciation in home prices has helped Linda accumulate tangible assets over time.
From an initial home priced at $230,000 to her current residence, which she bought for $430,000, she has seen the value of the homes she resided in increase noticeably. The current valuation of her house now stands at approximately $761,900 on Zillow, reflecting an increase of about $330,000, or a rise of roughly 77%. When the time comes for her to sell, this gain will still fall under the capital gains tax exemption for married couples filing jointly.
The NAR attributes this accumulation of wealth through homeownership to steadily rising home prices, which has enabled long-term homeowners to build substantial equity for future transactions.
Another contributing factor is the mortgage system in the U.S. The 30-year fixed-rate mortgage is the most common option, with prepayment penalties being strictly limited. According to regulations from the Consumer Financial Protection Bureau (CFPB) implemented in 2014, only specific fixed-rate loans can incur penalties, and this is restricted to the first three years after securing the loan. This flexibility permits homeowners to sell their homes more fluidly without incurring significant losses.
Employment opportunities also play a crucial role in this dynamic. In the U.S., there are no residency restrictions, making it relatively simple to relocate for a new job. Several companies provide relocation assistance to help employees with the costs of moving and buying or selling homes.
Linda’s fourth move was not a choice she made but rather a necessity when her husband was assigned to a job in Utah. They received $10,000 in relocation assistance, and a decade ago, they purchased their current home for $430,000, where they’ve been ever since.
America’s structured system favors what could be called a “property ladder” lifestyle: buying smaller homes in their twenties, upgrading to larger ones in their thirties for children and schools, and downsizing again in their fifties after children leave home. Linda mirrored this script until interest rates halted further moves.
The fixed-rate mortgage system that once facilitated easy relocations has now left many homeowners feeling stuck, often referred to as the “lock-in effect.”
While interest rates can be fixed for 30 years with one property, selling a home requires settling existing mortgages, which then leads to new loans at current market rates. As of late October 2026, the average rate for a 30-year fixed mortgage stands at 7.24%, a significant jump from about 3.5% a decade ago.
For instance, if Linda bought a $430,000 home with a 20% down payment, that would mean a mortgage of $344,000. At an interest rate of 3.5%, her monthly payments would be approximately $1,545. However, if she were to refinance at today’s rate of 7.24%, her payments would escalate to around $2,344, adding nearly $800 monthly, or about $9,600 annually.
According to calculations from Realtor.com based on data from the Federal Housing Finance Agency (FHFA), as of the second quarter of 2026, 49.1% of outstanding mortgages had rates below 4%, while only 22.5% had rates above 6%. This indicates that nearly half of homeowners are clinging to desirable lower-rate mortgages, creating a reluctance to sell.
Research from the FHFA suggests that for every one percentage point increase in market rates compared to homeowners’ original mortgage rates, the likelihood of selling decreases by 18.1%. From the second quarter of 2022 to the second quarter of 2024, this so-called lock-in effect resulted in the disappearance of around 1.72 million home sales and contributed to about a 7% increase in home prices. The fewer people who choose to sell their homes, the more limited housing supply becomes, consequently driving prices higher.
A survey from Atlas Van Lines highlighted that 28% of businesses noted that employees declined relocation offers due to concerns about housing in new areas, while 21% cited worries about the difficulties of selling their current homes. Moreover, 28% of these businesses began helping employees navigate mortgage rates – a pivotal change from past practices where relocation support was merely an extra benefit.
Aging is another contributing factor to the decline in willingness to move. NAR data indicates that the median age of home sellers has risen to 64, while first-time homebuyers now have a median age of 40, both historical highs. New buyers anticipate residing in their new homes for 15 years, with 28% declaring that their new residence is intended to be a “forever home.”
For Linda, another compelling reason to remain in her home is her children. Initially, she believed that her kids would share in the adventure of moving as she had in her youth. The reality, however, proved quite different. Each move meant a new school, new friends, and the struggle of adjusting to unfamiliar surroundings. “They have never really had stable playmates,” she reflected, expressing some regret about the frequency of their relocations.
In Utah, her children faced additional adjustments. The state is predominantly home to members of The Church of Jesus Christ of Latter-day Saints, often referred to as Mormons. Linda noted that the local religious atmosphere is quite strong, creating a conducive environment for raising children. However, as non-members, her family found it challenging for her children to make friends in a community where they felt out of place.
Linda’s upbringing is, in fact, an extreme case. A report from Columbia University’s Policy Research Center indicated that children in military families typically move between six to nine times from kindergarten through high school.
A team of psychologists at the University of Virginia, led by Shigehiro Oishi, tracked 7,108 American adults over a decade and discovered that those who moved frequently as children reported lower life satisfaction in adulthood and had fewer meaningful social relationships. Yet, the effects varied among individuals: introverts tended to be more adversely affected, while extroverts did not show the same negative correlations.
For some children, moving homes is an adventure, but for others, it may lead to the emotional strain of repeatedly saying goodbye. This discrepancy also explains why children are often a pivotal reason for American families to decide against moving.
An Atlas Van Lines survey of 549 corporate decision-makers revealed that the top reason employees declined relocation offers was family-related, with concerns about transferring schools for children ranking among the top five incentives.
Despite all these complexities and emotions tied to moving, Linda has not completely eliminated the idea from her future. As her children grow older, she and her husband plan to wait a few more years to see where their kids ultimately settle down before considering a move themselves—perhaps even back to Tennessee. They recognize the need to downsize, but more importantly, they want to relocate to a state that is more accommodating for retirees.
Using her two potential future destinations as examples, they found significant differences in tax burdens. Tennessee previously imposed a “Hall Income Tax” on interest and dividends, but this tax was fully repealed on January 1, 2021, eliminating personal income tax in the state. In contrast, Utah has a flat income tax rate of 4.45% and taxes Social Security income, although exemptions are available. Couples earning under $90,000 can fully offset this tax, with phased reductions for higher incomes.
In her younger years, Linda made moves primarily for the benefit of her children’s education and later due to her husband’s job. In the future, she aims to relocate once more for her children and their adult lives. The past decade of staying put has been a combination of financial calculations and personal reflections.
“The younger years were alright for moving,” she shared. “But now, I’m not keen on the idea of packing up again anytime soon.”