NYers Are Staying In Their Homes Longer, Study Finds

NEW YORK CITY — New York City's homeowners had this to say about moving during the coronavirus pandemic: nope.

Or, at least that's what a new Point2 study hints.

While renters fled as COVID-19 raged, homeowners actually stuck around longer than before the pandemic, the study found.

"The median homeowner tenure in New York City was 8.1 years in 2022, up one year compared to 2019," the study states.

New Yorkers stayed put in their homes almost without exception during the pandemic, according to the study.

Many homeowners likely got snared by the "golden handcuffs" of 30-year, fixed-rate mortgages they scored when rate were at rock bottom, the study states.

"Whether it was the shock and uncertainty caused by the pandemic or the increasing mortgage rates, one thing was for sure: Owners were not letting go of their homes as easily as before," the study states.

Homeowners in The Bronx, Brooklyn and Queens appeared the happiest, as they stayed in their homes at least 11 years before moving, the study found.

Staten Island had the shortest homeowner tenures.

"Here, single-family owners moved after just 5.5 years, while owners of condos and two- four-family homes spent a little more than 4.5 years before changing homes," the study states.

Read the full study here.