Second Homes 40% Of U.S. Market
Four of every 10 sales nationwide last year were second homes, either investments or vacation properties, according to a report released by the National Association of Realtors.
Nearly 28% of homes bought last year were investment properties, an an additional 12% were vacation homes.
Most of the buyers were baby boomers in their top earning years, looking toward retirement and hoping to build wealth or find a more desirable place to live.
Sales of investment properties is expected to decline, but sales of vacation homes are expected to stay strong for years, because the youngest baby boomers are only 42 this year.
The typical vacation home buyer last year was 52 years old, earning $83,800 a year, and purchased a property that was about 200 miles from the primary residence. The median vacation home price was $204,100. More...