According to data released last week by the National Association of Realtors, Americans are having a love affair with the second home.
The number of vacation homes sold in the U.S. went from 502,000 in 2011 to 553,000 in 2012, and of all home transactions in 2012, 11 percent were vacation homes, according to NAR.
What Does a Typical Vacation Home Buyer Look Like?
A typical second home buyer was, on average, 47 years old. S/He has a median household income of $92,100, and lived a median distance of 435 miles from their primary residence.
Are Investment Owners Buying Too?
While this report comes as good news for vacation rental property owners, the report shed light on investment property owners too. NAR reported that investment homes comprised 24 percent of all real estate transactions in 2012, which was a significant decrease from 27 percent reported in 2011.
If you own a second home or vacation property and are thinking of renting it out, consider marketing it as a corporate rental too. Read our tips, “Should Your Monthly Furnished Rental be a Weekly Furnished Rental Too?“