Holiday homes are thrown at a quick pace, because the waits are new fears of an accident on the housing market – and a pool of narrowing tenants – sellers of rattles.
The number of people buying secondary residences has plunged at its lowest level since the start of the files and is under a third of what it was during the pandemic boom.
A toxic mixture of mortgage-high-high levels from the sky, arrow maintenance costs and a generalized thrust of return to the office feeds the trend.
In 2024, only 86,604 mortgages were issued for secondary residences in the United States.
This represents a decrease of 5% compared to the previous year and down compared to the 258,289 in 2021.
At the height of the pandemic, distant workers who could afford to flee large cities in mass and the purchase of houses in sunny places such as Florida and California.
These days are over.
The holiday homes (second homes) represented only 2.6% of all American mortgages last year, according to a new Redfin analysis. It was half what he was in 2020.
High -height mortgage rate, arrow maintenance costs and return to the office all harm sales
Lindsay Garcia, an agent of first redfin in Fort Lauderdale
Redfin began to keep registers in 2018, while there were 175,644 homemade mortgages in the United States. They increased after that until 2021 and fell since.
“Most people do not buy vacation homes at all because mortgage rates and insurance costs – especially for the properties of the seafront – have skyrocketed,” Lindsay Garcia, an agent of Redfin Premier Lauderdale, told Fort Lauderdale.
It is even worse for owners who depend on rental income to keep the house.
Airbnb demand crashed and the rental rates are too high, and the owners who want a rapid profit simply do not get it.
Even ultra-rich abandon the holiday home.
They are too expensive to keep while the markets are so risky.
In 2024, the second average house cost $ 495,000.
Mortgage rates have skyrocketed, which increases the overall monthly cost of maintaining a second house. It is not worth a lot for a lot.
The number of people who buy secondary residences have plunged at its lowest level since 2018
Mortgage rates increase the overall monthly cost of maintaining a second house
Even ultra-rich abandon the holiday home because it costs too much
The Maine once dominated the nation for the property of the holidays, but many replenish their houses
Agent agent agent Tom Landry
Some have simply been forced to sell because office mandates have returned and full -time remote work is no longer an option.
In particular, Florida, formerly buyers of Playland holiday homes, sees the most lists of second homes arriving on the market.
In Miami, vacation mortgages plunged 32.2% in 2024.
Orlando, Fort Lauderdale, West Palm Beach and Tampa also saw huge drops.
Florida has a major problem due to the increase in insurance premiums, the rowing of HOA costs and the constant threat of natural disasters extinguished from many buyers.
In the northeast, Maine also sees a problem.
The owners of the second home are races to unload their properties, frightened by the fears of a Krach of House Price and their financial future.
The Maine ran once the nation for the property of the holidays – nearly 1 in 5 houses, there were residences in 2019.
The County of Cumberland of Maine, which houses Portland, experienced an increase in announcements
Houses bought years ago for a few hundred thousand dollars are sold
The purge of the second house was a shock for local real estate agents in Maine
Local real estate agents say that the baby boomers have mainly poured their properties after their stock market portfolios took a hit during the recent tariff krach.
“People say to me:” I’m really concerned about what will happen in the next year or two with my retirement, my social security and my money, “Portland Tom Landry said in Dailymail.com.
“People ‘funds are down and they have this other asset – they want money.”
The lists tripled Rom just over 1,000 in February at more than 3,000 in March – most of them of the holiday homes.
“What really leads him is a collective anxiety – they have experienced the 2008 crash, and now they think:” I have to go out now. “”
However, an area of ​​the state of Sunshine kept strong.
In West Palm Beach, mortgages instead of the second home represented 5.6% of all mortgages, the highest percentage in the United States.
But – Shocker – These buyers tend to be rich, white and over 45, says the study.
Fort Lauderdale’s elegant and contemporary residence was registered for sale
It is even worse for owners who depend on rental income to keep the house afloat
The houses by the beach are thrown at a quick pace by sellers who fear that the markets are crashing
Almost 9 out of 10 (86.4%) earn more than 280AK of the year.
Buyers of generation X (45 to 64) were the largest group of secondary residence buyers.
Baby-boomers were the only age group to increase their vacation home purchases last year.
White buyers have represented almost 80% of all home mortgages in the United States.
Some metros have seen an increase in the purchase of second home.
Detroit, San Francisco and San Jose have all seen increases, although they are small. Less than 2% of all local mortgages were second homes.
Thus, the days of the bungalow or the mountain cabin by the sea have disappeared – most people always try to know how to buy the number one house.
