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Want more housing market stories from Lance Lamberts ResiClub in your inbox? Subscribe to the ResiClub newsletter. In 2005, the median U.S. homeowner lived and owned their primary home for 6.5 years. In 2024, the median U.S. homeowner lived and owned their primary home for 11.8 years. Thats according to Redfins latest analysis. That means the typical U.S. home today has been owned by the same person for nearly twice as long as in 2005resulting in less turnover in the housing market. That affects the entire ecosystem. For some millennials and Gen Xers, it could mean staying longer in their starter homes as they struggle to find a move-up property in their desired location. And for first-time buyers, especially Gen Z, the lack of turnover means fewer entry-level homes coming up for sale. After climbing every year between 2005 and 2020, U.S. homeowner tenure has come down a bit due to the increase in home sales during the pandemic housing boom. However, given spiked mortgage rates and low existing home sales, tenure rates could start going higher again. “Moving forward, we expect homeowner tenure to stay flat or increase slightly for the foreseeable future,” wrote Redfin researchers. “Existing-home sales hit a 15-year low last year, with many homeowners locked in by low mortgage rates, and while sales should pick up a bit this year, itll be more of a trickle than a flood.” Why did U.S. homeowner tenure increase so much between 2005 and 2020? Redfin says, in part, its because so many baby boomers choose to “age in place.” “Older Americans are hanging onto their homes because theyre financially incentivized to do so. Most (54%) baby boomers who own homes own them free and clear, with no outstanding mortgage. For that group, the median monthly cost of owning a homewhich includes insurance and property taxes, among other thingsis just over $600 (similar to the monthly cost for other generations with no outstanding mortgage, but other generations are far less likely to own homes free and clear), wrote Redfin researchers. In addition to “aging in place,” the Redfin report also cites state-level tax policies that encourage homeowners not to move as part of the reason for increased homeowner tenures. Most notably, Proposition 13 in California limits property tax increases for homeowners, thus encouraging them not to sell. Theres also the fact that older Americans have higher homeownership rates, and over the past few decades, the composition of the U.S. population has shifted older as the giant baby boomer generation has aged and birth rates have declined. That has put upward pressure on homeowner tenure. What has this meant for homebuyers and the industry? The increase in average homeowner tenure over the two past decades has subdued turnover, limiting the purchasing opportunities for certain properties and holding back existing home sales.
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E-Commerce
The U.S. federal disaster agency FEMA has sharply reduced training for state and local emergency managers ahead of the start of the hurricane season on June 1, according to current and former officials, memos seen by Reuters, and three sources familiar with the situation. The training cutbacks could leave storm-prone communities less prepared to handle the often devastating aftermath of hurricanes, the sources and some of the current and former officials warned. Leading forecasters predict a busier-than-average Atlantic hurricane season this year, with 17 named tropical storms, including nine hurricanes. If state directors and local emergency managers are not briefed on the federal government’s latest tools and resources, it will impact their ability to prepare for and warn communities of impending storms, said Deanne Criswell, who headed FEMA during President Joe Biden’s administration. Some 2,000 FEMA employees – or about a third of full-time staff – have been fired or accepted incentives to quit since President Donald Trump took office in January and declared that the agency should be abolished and its functions handed over to the states. Last week, Trump fired FEMA’s acting chief, Cameron Hamilton, a day after Hamilton told lawmakers that the agency should be preserved. Hamilton’s successor, David Richardson, told FEMA employees on Friday that he would “run right over” any staff opposed to his implementation of Trump’s vision for a smaller agency. Online training FEMA’s National Hurricane Program and the National Hurricane Center typically conduct in-person workshops and presentations for state and local emergency officials each spring to help them prepare for hurricane season. These training sessions are used to share the latest data on hurricane modeling, build relationships between local, state and FEMA officials to improve coordination on disaster preparedness and relief, and review evacuation routes and other planning measures. Relationship building is critical for coordination in the event of a storm, according to three emergency managers and experts. Some planned hurricane training sessions and workshops have been moved online. FEMA, which is overseen by Homeland Security Secretary Kristi Noem, confirmed the training cutbacks in a statement to Reuters. “At the direction of President Trump and Secretary Noem, we’re done offering duplicate trainings that promote waste, fraud and abuse and that are not a good use of American taxpayers,” the statement said. “The National Hurricane Program continues to deliver readiness trainings ahead of the 2025 Hurricane Season to emergency managers nationwide with virtual trainings.” Steve Still, the emergency manager for New Hanover County, a hurricane hotspot on North Carolina’s Atlantic Coast, said online training, while useful, was less effective than in-person events. “If there’s any practical applications or exercises, you need in-person training,” Still said. Despite the reduced training, emergency management officials in North Carolina and Louisiana – states regularly battered by hurricanes – told Reuters they have FEMA-certified trainers on staff who can lead in-person disaster training. “FEMA courses have continued as planned in the state without issue,” said Justin J. Graney, a spokesman for North Carolina Emergency Management. Travel restrictions Since February 5, FEMA staff have been barred from travel unrelated to disaster deployment and other limited purposes. Since early March, staff must have their speaking engagements and presentation materials approved by the Office of External Affairs and Office of Chief Counsel, according to two internal memos seen by Reuters. Few speaking requests have been approved, leading the National Hurricane Program to cancel some trainings for emergency managers in storm-prone areas or move them online, according to a source familiar with the situation. Organizers of April’s National Hurricane Conference in New Orleans canceled several FEMA-led sessions – including one aimed at helping emergency managers make evacuation decisions during hurricanes – after FEMA staff dropped out due to the travel restrictions, said John Wilson, chairman of the conference. Wilson said the director of the National Hurricane Center usually speaks at the conference about lessons learned from past hurricane season and shares forecasting model updates, but did not this year. “It was kind of bizarre to have a National Hurricane Conference without the National Hurricane Center director opening it up,” Wilson said. NHC Director Michael Brennan said in a statement that he did not attend the conference due to travel restrictions but noted that the center recently organized a virtual course with 500 participants. He said the NHC’s “dialogue with partners continues and remains unchanged.” Concerns Lynn Budd, president of the National Emergency Management Association, an organization of state emergency managers, and director of the Wyoming Office of Homeland Security, said states need more time and resources if they are expected to make up for cuts to FEMA staff and activities. “There is room to reduce the footprint of FEMA in their regular deployment activities, but there is also expertise provided by FEMA for state and local jurisdictions that the states simply dont have at this time,” Budd said. NEMA would not comment specifically on the reduced trainings. The lack of training sessions at disaster preparedness conferences leaves state and local emergency managers more vulnerable to inaccurate or inadequate advice ahead of the storm season, said Bryan Koon, the former head of Floridas Division of Emergency Management who now heads a disaster preparedness consultancy. “These conferences are really important, because lots of FEMA trainings are normally done at them,” Koon said. “Thats one of the critical things new information is released to state and local emergency managers.” If local emergency managers are not trained in new forecasting models, for example, then there might be critical information the public won’t get ahead of a hurricane, Koon said. Leah Douglas, Nathan Layne, Nichola Groom and Tim Reid, Reuters
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E-Commerce
The rideshare market has reached a crossroads. Autonomous vehicles are on the rise, driver unrest is mounting, and customers are questioning everything from pricing to trust and safety. In the midst of it all, Lyft is mounting a comeback. CEO David Risher, who came into the role at Lyft two years ago, is taking a birds-eye view on the operation and pushing to reposition the company squarely against their competitor, Uberwith faster execution, bold new programs, and Lyfts biggest international acquisition to date. This is an abridged transcript of an interview from Rapid Response, hosted by the former editor-in-chief of Fast Company Bob Safian. From the team behind the Masters of Scale podcast, Rapid Response features candid conversations with todays top business leaders navigating real-time challenges. Subscribe to Rapid Response wherever you get your podcasts to ensure you never miss an episode. [A recent letter you wrote to shareholders] includes this phrase “falcon mode,” which has also sparked a bunch of interest. I wanted to ask you to explain, what is falcon mode? So falcons fly thousands of feet in the air. But of course, they can’t stay up there always because theyve got to eat. So falcons have adapted to become extremely perceptive at seeing very small things on the ground and then being able to dive down very, very quickly, grab the mouse or whatever it is, and then go back up to cruising altitude. I use that kind of figurative language to help my team actually understand my job, which is to try to stay up at the high level. I mean, a CEO doesn’t hopefully need to be in the details every single day, but I have never found a successful CEO, and I’ve worked for some very successful CEOs, I’m very lucky in that way, who doesn’t also judiciously decide when to come down and to go really, really deep into the things, to get to the point where you’re literally saying, “You know what, I think this language on the screen isn’t quite doing the job,” as an example. How much of that is about you identifying something that’s strategic that you could have seen at 30,000 feet that maybe others are missing versus pointing to your team that this is the way you want them to act? I think if you never do it yourself, if all you’re doing is telling your team, “Go look at this, go look at this, go look at this, go look at this,” I think the chance of you having good intuition on that, where to actually go deep, is low. But then on the other hand, hopefully they see you doing it, and they become comfortable themselves. And again, I want to make a distinction: you haven’t mentioned the word micromanagement, but that’s a word that sometimes people say, “Well, doesn’t that sound like micromanagement?” And for me, the distinction I make is I try, again, sometimes unsuccessfully to be clear, but I try not to use it as a way to propose answers. Of course, sometimes I do. I’m a human being, I have ideas, but I try more to use it as a way to understand a problem space better. A story I tell in the letter is you can understand the issue of surge pricing at a generic level. People don’t like prices that are unpredictable, and that gives you a certain amount of insight. But when I drove and I picked up a woman named Anne, and she said, “Sometimes the price is 20, sometimes it’s 30, sometimes it’s 40. When it’s 20, I take a Lyft. When it’s 40, I drive myself, but I’m really annoyed. I get up at six in the morning, just check the price every single morning.” You have these conversations, and you get so much more empathy and understanding for the contours of that problem and why it matters so much at an individual level. And then you can go back to your team and say, “You know what, guys, I know we’ve been talking about trying to get rid of surge pricing or at least some of it for a while. Let me give you some examples that I’ve picked up by going deep that maybe help us understand both why this is a big problem for people and maybe understand, as I say, the contours of this space a little bit better as a result.” And so this is why you get on the road and you drive a Lyft every six weeks for a day, so you’re close to the experience of both sides of your marketplace, the driver and the rider. It’s exactly it. And it’s so interesting. I actually took my first drive, I think it was a week before I joined even. So it’s been a little bit over two years now. And at first what I really thought it was going to be is really understanding the driver app and the driver experience. And I learned a lot, but what it’s really taught me is how the rider experiences the ride. And it’s so different to look at the data versus talk to the riders and ask them, “Why did you choose Lyft today versus the other guys? What are some of the perceptions you have?” And sometimes people talk about a credit card deal we have with Chase Sapphire Reserve, and sometimes people will talk about a bad experience they had on the other guys. Sometimes they’ll talk about how they think they like our values better or they like Women+ Connect, which is a service we have. So you get a sense of both sides of the marketplace, and it’s quite efficient. I mean, it’s only two or three hours, and gosh, you can learn a lot in two or three hours if you really, really focus on them. You have more riders than ever, you have more drivers than ever, but you’re still far behind Uber, which has 75% of the market or something. I mean, we’ve heard a lot about the streaming wars in TV, and there’s arguably a ridesharing war going on. Do you have to beat Uber to become like Netflix in streaming, or is it just about staying competitive? You don’t have to be Netflix. If you can be BritBox, and that’s you, that’s okay. So a couple of things I think about that, every year just in the U.S., so we’re not even talking about overseas, just in the U.S., people take about 160 billion rides in their own car, 160 billion. So every single one of those rides, they’re getting behind the wheel, their stress level is probably going up a little bit, hopefully they’re not texting, but they’re certainly tempted to text every time they come to a stoplight, they’re road rage sometimes, frustrated. At the very least, they’re not able to do very much else with their life, and then they got to park, and then they got to pay for parking, and all these different things. So there are a lot of times where, you know what, it’s actually kind of nice to have someone else pick you up. You can do the texting, you can sit back, you can make a phone call if you want to, you can put on your makeup if you’re a woman, whatever it is, guy too, whoever. So the point is it’s a better experience, and we want to do it so reliably and at such a high service level that we move from, call it, 800 million rides a year, which is about what we do, to a billion to two billion to three billion to four billion. So do I have to compete with someone else to do that? Not really. Now, we have to compete with private cars, and to a certain extent, with people staying at home on their couch. I mean, hose are things I have to compete with, but I don’t really need to dominate the other guy. Now, having said that, there is another guy in the marketplace. Our share when I joined was about 26% share. Now it’s about 31% share. So we’ve made nice progress there, and that’s hard. I mean, every single point of share you get over a bigger competitor is quite hard. I’ll give you two stats that I’m very proud of. One is we pick you up about 30 seconds faster than they do. Second is for our drivers, we have a 23-point advantage, 23-point advantage in preference of dual-appers, people who use both apps. Who would you prefer to drive for? So I consider those to be very good leading early indicators that we’re doing some things well. The share thing is a little bit of a trailing indicator. It’s just an interesting little thing to look at. Leading indicator is more to people like you more, you get better service. And over time, that tends to grow a business quite nicely.
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E-Commerce
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