07/17
Living Their Best Lives: Who is Purchasing Vacation Homes?
Knock, knock.
Who’s there?
Millennials.
Millennials who?
Millennials who want to purchase vacation homes!
Yes, you heard that right. Most people might think of older homeowners when it comes to owning more than one property, but with Vacasa’s latest survey, experts are a little surprised.
Older millennials and younger Gen Xers are interested in buying vacation homes – younger buyers are more likely to be motived by the idea of owning an investment property, while the older homeowners are looking to purchase a second home for personal use.
The majority of survey respondents stated they would plan to spend less than $400,000 on their purchase; and 75% reported a combined family income of less than $150,000 a year.
When asked where they’d like to purchase another property, most haven’t decided. 31% wanted an urban property, while 30% wanting a beach property – but 65% stated they haven’t picked an exact city for their vacation rental.
If they follow the popular trends for purchasing vacation rentals, the top states are Florida, California, Texas, New York, and Colorado.
Of those who completed the survey, 25% said they are looking to make multiple purchases, with half of them already owning at least one other home.
The real estate industry will have to keep an eye on these generational groups – as vacations and leisure time seem to accompany their preferences of investing.