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Boomers' Vacation Home

Posted Oct 23 2008 6:15pm

Vacation home sales rose 4.7% to a record 1.07 million homes in 2006 from 1.02 million in 2005, according to the National Association of Realtors annual survey.

View_from_vacation_home The profile of a typical vacation home buyer in 2006 was a 44-year-old Baby Boomer with a median household income of $102,200.  Typically, these vacation homes were a median of 215 miles from the owner's primary residence, though 42% of vacation homes were closer than 100 miles and 32% were at least 500 miles away.

The most popular location for the homes was in rural areas; 29% of the homes were purchased in the country.  But 24% were located in resorts, 22% in a suburb and 10% in an urban area or central city.  Sixty-seven percent of the homes were detached single-family houses, 21% were condos and 8% were townhouses or row houses.

79% of vacation home buyers wanted the property as a vacation or family retreat and 28% planned to use it as a primary residence in the future (such as in those retirement years ).  The median price of a vacation home was $200,000 and the share of second-home sales were 36% of all existing and new residential real estate transactions in 2006.

Source: The Wall Street Journal, May 1, 2007

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