It’s not just the wealthy who are buying second homes anymore. More and more baby boomers are working towards having a second home ready and waiting for their retirement years.
“The demand for second homes is big and growing,” said Joseph H. Badal, president and chief executive of Thornburg Mortgage in Santa Fe, N.M. “Baby boomers are feeding the second home buying now, and young families are also in the market.”
With rates being at such affordable levels, a second home isn’t out of the question for millions of Americans. But again, it’s about planning, setting a budget and then living by it.
The Realtors said the typical vacation home buyer was 44 years old, came from a household with a median annual income of $102,000 and purchased a property that was about 215 miles from his or her primary residence. Nearly 80 percent of buyers said they wanted to use their second homes for vacations or as family retreats, while nearly 30 percent saw their second homes as a primary residence in the future.