Vacation Homes Paved the Way to Greater Household Wealth

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Posted To: MND NewsWire

While home prices have surged back from their housing crisis lows, a report from the National Association of Realtors® (NAR) says homes purchased as vacation properties have appreciated even more. NAR’s 2019 Vacation Home Counties Report says that over the five years that ended in 2018, existing and new home prices gained an aggregate of 31 percent while the median price of a second home rose 36 percent. NAR found the areas with the greatest increases over the five-year span were in Pennsylvania, Wisconsin, and Massachusetts. Lawrence Yun, NAR’s chief economist, says the present figures are telling, especially when compared to data from 10 years prior. “As of 2018, household net worth reached an all-time high of $100.3 trillion – that’s nearly double from a decade ago when wealth declined…(read more)

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