In 2020, there were over 40 million American householdscomprised of individuals 50 and older who owned their main residence, of which 15 percent, or 6.6 million households also owned a vacation home
As of 2020 about 10% of the roughly 3,000 counties across the country were vacation home counties where at least 20% of the housing stock is classified as vacant homes for seasonal, occasional or recreational use by their owner. Vacation home sales in these counties rose by nearly 17% in 2020 and 33% in 2021.
Most vacation homeowners either inherited their homes or purchased them with cash. Vacation home mortgage originations comprised less than 5 percent of overall mortgage market originations. In aggregate, there is more than $125 billion in outstanding mortgage debt on vacation homes
Most vacation homeowners make limited use of their homes with 50% of consumers spending 2 weeks or less and slightly more than 65% spending 4 weeks or less per year in their home
High net worth individuals invest in vacation homes which can potentially deliver a positive return on their investment through both rental income and capital appreciation, as well as give them a second home option when they go on vacation to a popular resort destination
The US State Department estimates that between 600,000 to 1,000,000 US Citizens live in Mexico, up from 200,000 in 2000
By 2030 nearly 72 Million US Baby Boomers will be age 65 or older and represent 20% of the total US population according to AARP