You might think people who buy vacation homes are older, high-net-worth individuals, but a recent survey from Vacasa proves this is not necessarily the case.
In fact, a number of older Millennials and young Gen Xers are looking to buy vacations homes, drawn to their investment potential, with one quarter of prospective buyers in their 20s and 30s.
According to Vacasa’s survey of 721 buyers actively looking to purchase a vacation home, these younger buyers are more likely to be motivated by the idea of owning an investment property, while older prospects are looking to buy a second home for personal use.
Regardless of age, the majority of respondents said they plan to spend less than $400,000 on their purchase.
The survey also revealed that the average prospective buyer is middle- to upper-middle class, with 75% reporting a combined family income of less than $150,000 a year.
Moreover, some vacation home shoppers aren’t looking for just one perfect house, but are actually in the market for several vacation rentals. About 25% of those surveyed said they are looking to make multiple purchases, and half of them already owned at least one other home.
Buyers also aren’t set on a ZIP code. While 31% expressed a preference for an urban property, followed closely by 30% who wanted a beach property, buyers aren’t otherwise too particular, with 65% saying they haven’t decided on an exact city for their vacation rental.
That said, the most popular states for vacation rental purchases are Florida, California, Texas, New York and Colorado.