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When people dream of vacation homes, oftentimes they cut themselves off quickly, thinking they would never be able to afford one. However, new research by the National Association of REALTORS® shows that is probably not the case. While vacation homes are obviously a big investment, they aren’t out of reach for those under the six-figure salary mark. According to NAR’s 2015 Investment and Vacation Home Buyers Survey, the median household income for those who own a vacation property is $94,380, only about $15,000 more than the median income for those who own their primary residence ($79,650). And if you thought buyers needed cash to buy it, think again—70 percent of vacation homes purchased last year were financed with a mortgage.
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Take a look at NAR’s 2015 Investment and Vacation Home Buyers Survey to see who is buying vacation homes and what exactly they are purchasing. Find some vacation homeowners (or prospective ones) in your area and ask why they made the investment (and if they believe it to be a good one). Chat with a REALTOR® about what they are seeing in your community in terms of vacation home sales and who might be buying these types of properties.