Americans are increasingly likely to stay in the properties they rent amid low housing affordability and supply, according to a new report from Redfin.

The residential real estate brokerage said that nearly 17% of renters stayed in their home for ten years or more as of 2022, a substantial increase from nearly 14% only one decade earlier in 2012. Most renters still choose to stay in their properties for five years or less.

“While the fact that people are staying longer in their rentals may mean they can’t afford to buy a home in today’s market, staying put also means they’re saving some money that could eventually go toward a down payment if they do have a goal of homeownership,” Redfin senior economist Sheharyar Bokhari said. “Staying in the same home means they’re likely to face smaller rent increases, and they’re saving money on moving costs and application fees.”

Redfin attributed the phenomenon to decreasing housing affordability, since the median home sale price in the United States has more than doubled over the past decade and increased 40% over the past five years alone. “That makes it difficult for renters to save for down payments and monthly mortgage payments, and encourages them to stay put,” the company said.

The number of properties available for sale has declined substantially over the past decade as well. Shortages in home inventory applied upward pressure to prices before the lockdowns but were exacerbated over the past four years as worldwide supply chain bottlenecks increased material prices. Constrained labor markets also increased the price of labor for developers.

The typical price for renting has increased 20% over the past decade as well, discouraging renters from switching properties. The rise in remote work since the lockdown-induced recession has meanwhile “encouraged some Americans to be renters rather than homeowners so they could easily relocate for jobs or lifestyle without being tied down to a home they own.”

Redfin found last year that a typical homebuyer must make nearly $115,000 annually to afford a house, marking the highest annual income necessary to become a homeowner on record.