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Behind the Trend: Boomers Driving Second-Home Sales

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National Association of Realtors WASHINGTON, DC, Jun 12, 2006 /MF/ --- Thinking about buying a second home? You’re not alone. New research from the National Association of Realtors finds that second-home purchases are growing at a rapid pace and baby boomers are leading the way.

Boomers are still in their peak earning years and are purchasing second homes not only for vacation purposes but as investment vehicles to diversify their portfolios.

According to the National Association of Realtors:

  • Second-home sales accounted for four out of 10 residential transactions in 2005

  • Sixty-three percent of investment-property buyers purchased for rental income, while 49 percent wanted to diversify their investments

  • Fifty-three percent of investment-property owners own two or more investment homes

  • Twenty-one percent of vacation-home owners own two or more vacation homes

  • More than 1 in 10 second homes are now owned by minorities

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