What Percent of Americans Own Vacation Homes? Find Out the Stats!

According to a recent survey, approximately 6% of American households own a vacation home. This percentage represents an increase of over 1% since the last comprehensive study on recreational properties was conducted 17 years ago. It’s interesting to note that the study also found that 2.1 million households own camping sites or land, indicating that many Americans enjoy their time off in the great outdoors. Some additional findings from the survey include:

The average household income of vacation home owners is over $100,000 per year

The most popular locations for vacation homes are Florida, California, and New York

More than half of vacation home owners have owned their property for over a decade

Ultimately, it seems that owning a vacation home is a popular choice for a small but growing percentage of Americans. While it may not be feasible for everyone, those who are able to make this investment can enjoy all the benefits of having a special place to escape to and create lasting memories with family and friends.

The Latest Statistics on American Vacation Home Ownership

According to a new survey, nearly six percent of American households own a vacation home. This percentage translates to 5.5 million households owning vacation homes or timeshares, and another 2.1 million owning camping sites or land. These numbers represent an increase of over one percent since the last comprehensive research into recreation properties was conducted seventeen years ago. The National Association of Realtors reports that the median price of a vacation home in 2020 was $370,000, representing a significant investment for many American families. However, the lure of owning a second property, often located in a desirable vacation destination, remains strong for many.

How American Vacation Home Ownership Has Changed Over Time

In the late 1990s, vacation home ownership was more of a niche market, with only four percent of American households owning such a property. However, as the economy recovered from the 2008 financial crisis, more Americans began investing in vacation homes. Interestingly, the latest survey shows that the majority of vacation home owners are older, with over half being aged 45 or older. Additionally, while coastal properties have remained popular over the years, there has been an increase in the purchase of mountain and lakefront properties in recent years.

Where Americans Are Buying Vacation Homes and Timeshares

Historically, coastal properties have been the most popular location for vacation homes and timeshares. However, as interest in mountain and lakefront properties grows, many Americans are expanding their search to include properties in Arizona, Colorado, and Utah. Another trend in vacation home ownership is the popularity of international properties. Many Americans are investing in vacation homes in Mexico, the Caribbean, and Europe, often renting them out when not in use to generate additional income.

The Financial Benefits and Risks of Owning a Vacation Home

Owning a vacation home can provide numerous financial benefits, including potential rental income and tax write-offs. However, it also carries risks, such as unexpected maintenance or repair costs, fluctuations in the real estate market, and the possibility of natural disasters. It is important for potential vacation home buyers to thoroughly research the local housing market, assess their own financial situation, and consider all potential risks and rewards before making a purchase. Tips for Purchasing and Maintaining a Vacation Home – Work with a local real estate agent who is familiar with the area and can provide insight into the local market. – Consider renting out the property when not in use to offset expenses. – Budget for ongoing maintenance costs and potential repairs, especially if the property is located in an area prone to natural disasters. – Consider purchasing a property within a homeowners association (HOA) in order to ensure the maintenance of common areas and amenities.

Alternative Vacation Options for Those Who Do Not Own A Second Home

For those who do not own a second home, there are still numerous vacation options available. Renting a vacation home or timeshare offers many of the same benefits as owning, without the financial burden of maintaining the property year-round. Other popular vacation options include camping, staying at a hotel or resort, or even taking a cruise. By researching and budgeting for their vacation, Americans can enjoy a variety of travel experiences without investing in a second property.