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Vacation homes are getting closer to owners
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0 Comments ::  :: Investment, Second Homes |
Vacation homes are getting closer to residence
Second homes are getting closer to home according to the Windermere Vacation Home Survey.
An online survey of 2,053 homeowners in the West. In fact, 58 percent of vacation properties are located within 200 miles of the owner’s primary residence, and 42 percent are less than 100 miles away.
“The idea of a vacation home has evolved along with our fast-paced lifestyles,” said Jill Jacobi Wood, owner of Windermere Real Estate, the largest independent real estate company in the West. “Rather than taking two weeks off, people are opting to grab long weekends whenever they can. And for the increasing number of people who can work electronically from wherever they are, what was once just a summer getaway is now a year-round second home.”
While 36 percent of vacation homeowners surveyed are 44 years of age or younger, baby boomers continue to drive the vacation home boom. There are 77 million baby boomers today in the U.S., and they are retiring at the rate of about four million people per year. Fannie Mae Economist David Berson predicts that demand from boomer will continue to boost vacation home sales for at least the next 10 years.
As for retirement, vacation homeowners are split on the likelihood that their vacation getaway will become their primary home when they retire. About 40 percent are considering their vacation home for retirement, while 60 percent think it’s unlikely they’ll retire there. |
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