One in four homeowners have lived in their home for more than 20 years—the highest level that owners with that tenure has ever reached, a new Redfin study shows. That’s due in large part to the aging in place trend, which is accelerating during the COVID-19 pandemic. As Americans stay in their homes longer, housing shortages are growing. The typical homeowner in 2020 had lived in their home for 13 years, a big jump from 8.7 years a decade earlier, according to the Redfin study.

Longer homeownership tenure has contributed to a logjam in housing inventory, which dropped 23% year over year in December to an all-time low: a 1.9-month supply at the current sales pace, according to the National Association of REALTORS®. “It will take vigorous new-home construction in 2021 and in 2022 to adequately furnish the market to properly meet the demand,” NAR Chief Economist Lawrence Yun said in a statement last week.

Source: “1 in 4 U.S. Homeowners Have Lived in Their Home for Over 20 Years—the Highest Share on Record,” Redfin (Jan. 21, 2021) and “Housing Market Stays Tight as Homeowners Stay Put,” The Wall Street Journal (Jan. 21, 2021) [Log-in required.]