Industry News

Second homes gain in popularity

Affluent Americans travel longer to relax

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An independent study released today by Centex Destination Properties conservatively estimates that 25 percent of affluent households expressed interest in second-home ownership over the next two to three years. Second-home attributes most sought by respondents are low upkeep/maintenance, proximity to shops and restaurants, walking paths, and outdoor activities such as hiking and bicycling. Among the surprises, according to CDP researchers, was the relatively low interest in championship and private golf courses, tennis courts, or nearby ski areas; a willingness to drive much further (almost 40 percent of respondents would travel more than four hours); and a desire to tune out and relax, rather than treat the second home as an extended office. In fact, 57 percent of respondents viewed second homes as a place to get away from business pressures.  The Internet survey contacted a nationally representative sample of more than 30,000 households with incomes of $125,000 or more. Of...