Second-Home Owner Survey Shows Solid Market, Appetite for More

According to RISMedia, May 12, 2006, A new survey of second-home owners by the National Association of Realtors® shows Baby Boomers continue to dominate the market, and a growing number of second homes – more than one-in-10 – are owned by minorities. A surprising majority of respondents own multiple properties in addition to their primary residence.

David Lereah, NAR’s chief economist, said the market continues to be dominated by the baby boom generation. “Middle-aged, middle-income households are the driving factor in the second-home market, with favorable demographics providing a solid fundamental demand in this sector for the next decade,” Lereah said. “Boomers believe in diversifying their assets, and most second-home owners see their purchase as being a better investment than stocks. A surprising majority of survey respondents hold multiple properties, and they are interested in purchasing additional homes.” About six in ten respondents own two or more homes in addition to their primary residence.

An unexpectedly high number of vacation-home owners, 21 percent, own two or more vacation homes. In addition, 34 percent of vacation-home owners report they own two or more investment properties.

More than half of investment property owners, 53 percent, own two or more investment homes and 12 percent own two or more vacation homes.

Analysis of U.S. Census Bureau data shows there are 6.8 million vacation homes in the United States and 37.4 million investment units in addition to 74.6 million owner-occupied units.

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