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Published on 01/13/1997 All articles from this issue

Average home gets new owner every 12 years

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According to 1995 statistics, the average American home changed hands once every 12.6 years, which is up from the previous year according to the Chicago Title and Trust Family of Title Insurance study of housing turnover rates.

The housing turnover rate is calculated by dividing the total number of owned housing units by the total number of home sales in a given year.

The fastest housing turnover state is Arizona with a rate of 6.6 years.

Arizona continues to prosper due to the reputation of the Phoenix/Scottsdale area as a prime retirement community and its flourishing economy.

Nevada is number two due to employment growth.

Las Vegas currently boasts the highest employment growth in the country.

As long as casinos continue to expand in Las Vegas, Nevada will continue to have turnover of homes.