An improving economy and stock market is helping to fuel demand for vacation homes, which represent about 11 percent of overall home sales, according to the National Association of Realtors.
Wondering who is buying second homes, how they are doing it, and where they are making their purchases? Here is the vacation home market by the numbers:
About 80 percent of vacation home buyers plan on using their property for (you guessed it!) vacations and family get-togethers. Nearly one-third say they plan to use their vacation home for a getaway now and as a primary residence in the future, perhaps in retirement.
Want to know more? The typical vacation home buyer is only 47 years old, has a median household income of $92,100 and is purchasing a second home at a median distance of 435 miles from their primary residence.
Interested in making the dream of owning your own vacation home a reality? With low home prices and lending rates, it doesn’t get much better than this!