According to a 2011 survey from the National Association of Realtors (NAR), 19 percent of recent homebuyers own more than one home, up 5 percent from the previous year. And second homes aren’t just for the extremely affluent and tropically inclined, as the latest numbers show.
Vacation properties made up 27 percent of all home sales last year. And according to real estate professionals in these second-home regions, there isn’t just one type of buyer investing in these properties.
Many buyers are rushing in now because the prices have dropped so low – 40 to 50 percent less than the high times/
Data from the NAR shows that the typical vacation homebuyer in 2010 was 49 years old with a median household income of $99,500. The median price for a vacation home was around $150,000.
According the experts, many of these second-home markets fall outside of extreme metropolitan jurisdictions and into just-off-the-grid suburban areas with lush art scenes and other tourist draws.
Another facet in second-home consideration is finding a place that may eventually turn into the home proper. In fact, the NAR reports that 34 percent of vacation homebuyers said that they plan to use their property as a primary home in the future. For the prospective retirees, this is particularly common.