The average mortgage term in the US might be 30 years, but the reality is more nuanced. Most homeowners don't hold onto their mortgages for the full term. In fact, the average duration of homeownership is only 12-13 years.
The typical Los Angeles homeowner has lived in their home for 18.7 years, followed by 17.8 years in San Jose, CA. Next come Cleveland, OH (17.4), San Francisco (16.7) and Memphis, TN (16.5). Californians tend to hold onto their homes for a long time partly because they're incentivized to do so by Proposition 13.
35% of homeowners have lived in their homes for 10 to 15 years. 16% have lived in their homes for less than five years. The average length of homeownership years is eight years. The median homeowner tenure is 13.2 years, a three-year increase over the last decade.
There is no specific age to pay off your mortgage, but a common rule of thumb is to be debt-free by your early to mid-60s. It may make sense to do so if you're retiring within the next few years and have the cash to pay off your mortgage, particularly if your money is in a low-interest savings account.
"Shark Tank" investor Kevin O'Leary has said the ideal age to be debt-free is 45, especially if you want to retire by age 60. Being debt-free — including paying off your mortgage — by your mid-40s puts you on the early path toward success, O'Leary argued.
Age doesn't matter. Counterintuitive as it may sound, your loan application for a mortgage to be repaid over 30 years looks the same to lenders whether you are 90 years old or 40.
Real estate agents suggest you stay in a house for 5 years to recoup costs and make a profit from selling. Before you put your house on the market, consider how your closing fees, realtor fees, interest payments and moving fees compare to the amount you have in equity.
Initiative Statute. The Congress of the United States consists of the Senate and the House of Representatives. California's delegation to Congress consists of two senators and 52 representatives. Senators are elected for a term of six years and representatives are elected for a term of two years.
Everyone is different, and that's definitely true when it comes to ideal room temperature. That being said, the average room temperature in most homes falls somewhere between 68 and 76°F. (Interested in learning more about home automation and how it could benefit your family? You can learn more here.)
It typically takes homeowners 5 years to build enough equity to benefit from property appreciation and recoup their initial home buying expenses, like closing costs. Staying in a home for at least 5 years can also help homeowners avoid short-term capital gains taxes on the sale of their property.
A more direct pathway between homeownership and longevity is through superior housing conditions. Living in adequate housing is strongly linked to longevity. Renters are more likely than homeowners to experience infectious diseases, injuries, and chronic conditions (Krieger and Higgins, 2002).
Average age of first-time homebuyers is 38, an all-time high. Here's what that says about the real estate market. In 2024, the median first-time homebuyer was 38 years old, according to the National Association of Realtors' 2024 Profile of Home Buyers and Sellers report.
40% of Americans Pay Off Their House — Are They Doing Better Financially? For most Americans, a home mortgage is the biggest financial obligation they will ever have. A traditional mortgage spans 30 years and is often in the hundreds of thousands of dollars, so the interest charges can be enormous.
The five-year rule, as it's known in real estate, states that new homeowners generally should live in a home for at least five years before selling the property, otherwise they can be at more risk of losing money on their investment.
The dean of the United States House of Representatives is the longest continuously serving member of the House. The current dean is Hal Rogers, a Republican from Kentucky, who has served in the House since 1981.
The average age of Members of the House at the beginning of the 117th Congress was 58.4 years; of Senators, 64.3 years. The 117th Congress is made up of 437 Representatives (not including 4 vacant seats) and 100 Senators, with Democrats holding the House majority.
The Republicans, led by incumbent Speaker Mike Johnson, narrowly maintained control of the House with a small majority of 220 seats (the narrowest since 1930), despite winning the House popular vote by 4 million votes and a margin of 2.6%.
Generally, the legal foreclosure process can't start until you are at least 120 days behind on your mortgage. After that, once your servicer begins the legal process, the amount of time you have until an actual foreclosure sale varies by state.
What Happens if You Sell Your Home Before Two Years Are Up? You may have a harder time turning a profit on your home sale if it's been less than two years since you bought your house. If you do make a profit, you may have to pay a higher short-term capital gains tax rate, or go without a capital gains exclusion.
If closing added 15% to your sale price and the average home in your area appreciates 3% to 5% per year, it's reasonable to estimate about five years as your breakeven point.
"If you want to find financial freedom, you need to retire all debt — and yes that includes your mortgage," the personal finance author and co-host of ABC's "Shark Tank" tells CNBC Make It. You should aim to have everything paid off, from student loans to credit card debt, by age 45, O'Leary says.
While age may be a factor in your mortgage application, it is by no means a barrier to buying a home. Instead, applicants aged 40 and over may have to be aware that term length on their mortgage will be considered and monthly payments could increase.
Can a 70-year-old choose between a 15- and a 30-year mortgage? Absolutely. The Equal Credit Opportunity Act's protections extend to your mortgage term. Mortgage lenders can't deny you a specific loan term on the basis of age.