But they've also lived in parts of Jordan and Egypt for the same amounts of time, correct?Because they have been living there continuosly, since before some of it was granted to the Jews by the league of nations. Long before the state of Israel existed.
Prior to that there had been no Jewish state since it's destruction and disbandment by the Roman empire. if the bible stories are true the Jews acquired the land by conquest after escaping Egypt. They subsequently established two nations of Judah to the north and israelites took the land of the Canaanites to the south. They held the land until defeated and taken into captivity by the Babylonians.
Eventually they regained their freedom until once again defeated and dispersed by the Romans.
Although some Jews have continued to live in the region as subjects of other nations they had not done so as a state until May 1948. When Ben Gurion declared the establishment of the State of Israel.
Until then the entire area, known as Palestine, was governed by the UK under a charter established by the league of nations prior to the British mandate it had been ruled since the middle 16th. Century by the Ottoman empire.
While it is clear that for a relatively short period from the iron age onward some of the lands had been conquered by the various tribes of Israel. The lands have been largely ruled by other people's for a majority of history
And if we use your approach (which has some merit), then there are a host of other groups in the region who deserve a homeland.