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National Association of Realtor’s recent 2nd home study showed that nearly 40 percent of all recent buyers of 2nd homes are “very likely” to buy another home within two years; nearly a quarter said today’s market conditions encouraged that likelihood.

 

If you bought a 2nd home last year to use as a getaway, the NAR survey says:

 

*Your median age is 55 with a $71,000 household income.

*You probably have no children under 18 at home.

*You don’t rent out your new vacation retreat.

*33% of you want it to be near your jobs, 22% near your primary residence.

*Your 2nd home, on average is 49 miles from your first.

*You got to it by car.

*There’s a 50-50 chance it’s in the suburbs.

*It’s very likely a detached, single family house.

*It is “typically” 1,290 square feet, (median purchase price is $190,000)

 

If your purchase is an investment and not primarily for your own use:

*You are 47 with an $85,700 household income (median).

*You are only slightly more likely to have children at home.

*A third of you want properties near your primary residence (median distance: 18 miles)

*Half of you spend no time at all in your investment.

*60% of your investment homes are smaller than your primary homes.

*The median price of recently purchased investment properties was $148,000

 

Some shared characteristics of getaway and investment 2nd home buyers:

*Over 80% used a real estate agent and would again if they make another purchase.

*Over half used savings for a down payment.

*Nearly all of you consider your purchase good financial investments.