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Baby Boomer & Second Home Buyer Information
The Baby Boomer Factor…
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Baby boomers make up an incredibly large % of our population; all moving towards retirement age over the next 15 years.
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Many of these people want to live in places with good "lifestyles" with 42% of them choosing the South Atlantic area for their retirement.
Real estate experts agree that the near-term outlook for the second home market is strong; even stronger than the primary home market. Dramatic demographic & population shifts are fueling this booming market for second homes, especially in Florida and the Carolina's.
Where Baby Boomers want to Retire?
Many Baby Boomers Have New Homes, Money on Their Minds
Annual Del Webb Survey Shows 50% Plan to Buy Retirement Homes, But
Social Security and Health Care Costs Are Big Unknowns
2005 Del Webb Survey
BLOOMFIELD HILLS, Mich. (June 7, 2005) — Many members of the Baby Boomer generation have new homes and money on their minds, as dreams of buying retirement homes mix with concerns about how to get enough dollars in their pockets to carry them through the golden years, according to the 2005 Del Webb Baby Boomer survey.
Among younger Boomers, ages 41-49, 59% of respondents plan to buy a new retirement home, while 50% of those older Boomers ages 50-59 intend to do likewise.
Given that there are an estimated 77.5 million Baby Boomers, and they are one of the wealthiest generations in American history, retirement home purchasing among active adult buyers over the next few decades is expected to be considerable.
At the same time, Baby Boomers indicated uncertainty over how much money they’ll need to save for retirement and where it’s going to come from. Just over half of all Baby Boomers surveyed (52% younger Boomers, 54% older Boomers) say they feel they have a solid understanding of the issues facing Social Security today, with 62% of Boomers ages 41-54 believing the system is “in crisis.” A full 75% of the same 41-54 age group say they aren’t planning to rely solely on Social Security for retirement, and 81% of respondents ages 55-69, many of whom currently draw benefits, say they, too, don’t plan to count fully on Social Security.
“A lot of Boomers want new homes and a new lifestyle for retirement, but they may have to change a few things first,” says Dave Schreiner, vice president of active adult business development for Pulte Homes (Del Webb is a brand of Pulte Homes). “They recognize they may have to save more money or start thinking harder about a semi-work, semi-retirement arrangement, which isn’t a huge shift from what we’re experiencing today. A large number of Del Webb residents are starting new businesses, getting retrained and staying connected to the workforce. They don’t leave it entirely. That’s one advantage of positioning our newer communities close to large metropolitan centers – that’s where the jobs are.”
Pulte Homes is the nation’s largest developer of active adult communities. Reflecting a strong commitment to consumer research, including the annual Del Webb Baby Boomer survey, Pulte’s Del Webb communities throughout the United States have evolved to meet the changing preferences of age 55 and older homebuyers. This year’s study, conducted by Harris Interactive®, was designed to understand Boomers’ opinions about critical issues they face, including finances and the impact of possible changes to Social Security, real estate, retirement lifestyle and work habits.
Data for the survey was analyzed by various age subgroups to see if there were any key differences of opinion among Boomers ages 41-49; Boomers ages 50-59; and their predecessors ages 60-69. Data also was broken down according to those people expected to be most affected by any changes to Social Security (ages 41-54) and relatively unaffected (ages 55-69).
Highlights of the 2005 Del Webb Baby Boomer Survey
Real Estate
More than half of Boomers plan on buying a new home for retirement. About half of Boomers expect to move to another state at retirement, with many seeking a better community lifestyle.
59% of younger Boomers (ages 41-49) and 50% of older Boomers (ages 50-59) indicate they plan to buy a new home for their retirement.
Of Boomers willing to move at retirement, 66% of older Boomers indicate they would move for a better community lifestyle, and 54% would seek a warmer climate.
Nearly half (47%) of all respondents (ages 41-69) who will move say staying within three hours of family would be an important consideration about where to relocate for retirement.
Among those willing to move to a different state, the most-preferred states to move to for retirement, by age group, are: Ages 41-49, North Carolina (14%); ages 50-59 and 60-69, Florida (18% and 17%, respectively).
“There’s a secret weapon in our business and it’s called grandkids,” Schreiner said. “For those people who have them, many want us to deliver the Del Webb lifestyle to where they currently live. Staying close to family and friends, and maintaining links to their community are important things to them. And there are plenty of these ‘retire in place’ people in markets like Denver, Cleveland and Detroit, which is where we plan to open new Del Webb communities later this year.”
Social Security
Boomers most affected by potential changes in Social Security (ages 41-54) are more likely to believe they will need another source of income to finance their retirement, and are more likely to invest in private accounts.
62% of Boomers ages 41-54 believe the program is in crisis, and 34% of this group expressed an interest in investing a portion of Social Security in a private account.
- Although 61% of non-retired Boomers ages 41-54 say they don’t know what their monthly benefit will be at retirement, 75% of all respondents ages 41-54 say they do not plan to rely solely on Social Security benefits.
- Uncertainty about Social Security has caused 25% of non-retired Boomers ages 41-54 to admit they won’t retire as soon as expected, but 62% of nonretired respondents ages 55 and older say they’ll retire on schedule.
- 79% of older respondents, ages 60-69, believe they are receiving or will receive full benefits.
“There is definite uncertainty about the future among Boomers today,” Schreiner said. “But, we find that people moving into Del Webb communities see them as havens of certainty. First, they’re very trustworthy developments. We’ve been doing this for forty-five years. We start and finish communities that last. It’s a very predictable concept.
“Second, we’re very good at managing these communities, so we have appropriate budgets,” Schreiner added. “Our customers know when they move in what it’s going to cost them now and they have a solid idea of what it’s likely to cost them out into the future. Those are very comforting notions in an uncertain world.”
Finances
Also on the minds of Boomers, according to this year’s survey, is the rising cost of health insurance and prescription medicines that they anticipate needing.
- Regardless of age, all respondents said health care related costs topped their respective lists of financial concerns during retirement, including health insurance (74%), prescription medicine (71%) and long-term care insurance (58%).
- In projecting their longevity (if healthy), 40% of all respondents said they hope to live to 80 to 89 years of age, 20% said 90-99, and 22% said 100 or older. But when asked to estimate how long their savings would need to last after retirement, 42% of all respondents said they weren’t sure.
- Of all respondents, 17% estimated they would require savings of between $500,000 and $1 million to live comfortably throughout retirement, 15% said between $200,000 to $500,000, and 12% estimated needing between $1 million and $2 million.
- A pension from a former employer was the third most-important source of retirement income for respondents ages 50-59 (48%) and 60-69 (47%).
“When Del Webb built the first Sun City in Arizona in 1960, most people of that generation expected to live ten more years after retiring,” Schreiner said. “Today, the good news is once you pass from your child-rearing, career-oriented stage of life into this new stage you might live another forty years. The possibilities to grow, to experience new things, to get further education, are all in front of you and most people have great zest for that in this stage of their life.
“Now, the flip side, physically, is that your body has to make it through another forty years,” Schreiner said. “Concerns about the future of Medicare and rising health care costs definitely play into that. As a result, more residents in our communities today are putting a lot of effort into improving their health at our world-class fitness and wellness centers. More push-ups equals fewer pills, they figure.”
Retirement Lifestyle
Anticipation of retirement increases with age as Boomers look forward to active pursuits such as traveling, exercising, volunteering or even continuing working, either full- or part-time.
- Enthusiasm about pending retirement increases with age among respondents in their 40s and 50s, with 45% and 56% indicating “excitement,” respectively.
- Travel (62%) tops the list of desired retirement activities across all ages. Other popular interests are spending time with friends/loved ones (42%), exercising more (42%), volunteering (37%), taking up a hobby (33%), acquiring new skills (29%) and taking classes (25%).
- If they could “go back” to another decade of their life, most would choose their 30s (31%) and 20s (28%).
Work Habits
While some Boomers plan to continue working because they enjoy it, 64% of all respondents still working outside the home said they will fully retire from their current line of work at some point. But, among those planning to continue working, the reasons differ by age.
- Of those who will continue to work, 49% of younger Boomers, ages 41-49, and 37% of older Boomers, ages 50-59, plan to continue because they need the money.
- Of those who will continue to work, 33% of pre-Boomers, ages 60-69, say they will continue because they enjoy it, and 22% of this group will continue because “it keeps me active.”
- 45% of all respondents working outside the home say they typically work 31-40 hours per week
Baby Boomers Statistics on Empty Nests and Retirement
By Del Webb Corp 7/22/2004
Since 1996, Del Webb has conducted an annual survey of the Baby Boom Generation, comprised of Americans born between the years 1946 and 1960. Baby Boomers throughout the United States this year were polled on their feelings about becoming Empty Nesters and its impact on their retirement plans. The Baby Boomer Survey, conducted in April and May 2004, reveals Boomers are embracing the idea of Empty Nesting, the stage in life when children move out of their parent's home for good. While Boomers have an array of emotions about the situation, most look forward to getting back to what they were always accused of being - the "me generation." Below is a summary of the main points the survey uncovered:
Fast Facts: Baby Boomers by the Numbers:
- The United States experienced an explosion of births after American soldiers returned home from World War II. Sociologists define those born between 1946 and 1964, or those who are currently 40-58 years of age, as "Baby Boomers."
- During the Baby Boomer years, approximately 76 million American were born. Today, this represents 28 percent of the American population.
- In 1957, 4.3 million babies were born in the U.S. This is more than any year before or since.
- A second boom has not occurred as Boomers reached childbearing years. Boomers waited longer to have children and many have not had children. Many experts say the Baby Boom phenomenon is a one-time event.
- After the Boomers came the era of the Generation X'ers. There are about 41 million Generation X'ers in the United States. Generation X'ers were born between 1968 and 1979.
Results from the 2004 Del Webb Baby Boomer Survey
Fast Facts about Housing:
- 36 percent of Boomers will move or plan to move when they become Empty Nesters. When they retire, 55 percent say they will move.
- Of the Boomers who moved or will consider moving once becoming Empty Nesters, roughly one-third (36 percent) will move more than three hours away. Upon retirement that number climbs to 51 percent.
- 26 percent of Baby Boomers will consider purchasing a home in an age-qualified Active Adult Community. Roughly one-half (51 percent) are not sure whether or not they would make this purchase and 24 percent would not consider buying in an active adult community.
- Of Baby Boomers who are considering purchasing a home in an age-qualified active adult community, 30 percent prefer a community in an urban location. Additionally, 29 percent want a community that maximizes local natural benefits; 22 percent like an active adult community located within a multi-generational development; 6 percent want a small to mid-sized community with golf; 5 percent choose a country-club setting and 3 percent prefer a large community with golf.
- Boomers are more than twice as likely as those aged 59-70 to prefer an Active Adult Community that is part of a multi-generational neighborhood.
- Boomers who moved or will consider moving from their old Empty Nest cite wanting a smaller house (44 percent) and one that requires less maintenance (44 percent) as their top reasons for moving. Upon retirement, they say maintenance will be the paramount issue in choosing a home (62 percent), but they also will want a smaller home (23 percent).
Fast Facts about Retirement:
- Boomers generally view retirement in a more positive light than becoming an Empty Nester.
- 75 percent say they will be even happier upon retirement.
- 74 percent will feel freer to be themselves upon retirement. This is higher than the 57 percent who will feel freer to be themselves once they become an Empty Nester.
- Only about one-third (36 percent) of Baby Boomers think they will have enough money to live comfortably once they retirement. Nearly half (47 percent) of older Americans (those aged 59-70) believe they will have enough money to live comfortably in retirement.
- 40 percent of Boomers are not sure if they will have enough money to live comfortably.
- One-fourth of Boomers do not think they will have enough money to retire. Male Boomers (50 percent) are significantly more likely than females (34 percent) to think they will have enough money to live comfortably in retirement.
Facts on Empty Nester Emotions:
- 71 percent say parenting was a wonderful experience, but it wasn't easy. 19 percent say it was more challenging than they expected.
- 26 percent say they will feel like newlyweds when their kids are gone and even more (34 percent) say they will feel closer to their spouse without the children around.
- Fifty-eight percent say they are or were emotionally ready to get the kids out of the house. Males (70 percent) are significantly more likely to be emotionally prepared than females (55 percent.)
- The older the Boomers become the more ready they are to clear the Nest. In fact 71 percent of the Boomers between 53-58 years old are emotionally ready to be Empty Nesters.
- Boomers have mixed feelings about becoming Empty Nesters. While a large percentage is neutral about the emotional impact, Boomers do feel an increase in freedom to be themselves with Empty Nesting.
- Most (at least 75 percent) don't or will not miss the parenting roles, like coaching sport teams or helping with school work. But 64 percent do or will miss the family vacations.
- Getting out of debt is their Number 1 priority when becoming Empty Nesters.
- 40 percent of Boomers believe their children will be better off financially than they are.
- Only 2 percent say they wished they would not have had children.
- 46 percent would advise future parents to spend less time at work and more time with their children.
- 74 percent say they have been good role models.
- 27 percent would not let their grown children move back in with them assuming that their children were in good health and financially secure.
- 40 percent of Boomers anticipate that their adult children will move back in with them. 30 percent anticipate that their parents will move in with them.
- 28 percent would charge their kids rent, but far less (8 percent) are likely to bill their parents.
2005 Profile of Second-Home Buyers
Source: National Association of Realtors
REPORT HIGHLIGHTS
The Reasons for Purchasing a Second-Home Vary Greatly Common Motives include the desire for a vacation getaway, rental income, and increased portfolio diversification. But the ways in which second-home buyers search and purchase that additional property vary less. The overwhelming majority of second-home buyers use a real estate professional to assist them in their purchase. Second-home buyers are, by definition, experienced home purchasers, so they reconize the advantages of using a real estate professional for their home purchase.
Second-home buyers can be devided generally into two groups-those who purchase investment properties and those who purchase vacation homes. There are numerous differances between these two groups of second-home buyers. Vacation-home buyers typically spend more on their purchase than do investment-home buyers. Vacation-home buyers rarely rent out their vacation homes to others. Investment buyers are typically younger and more affluent than vacation-home purchasers. Investment-home buyers often seek properties in a location that is relatively close to their primary residence and typically do not use their second home personally. Regardless of whether their second-home purchase was a vacation or an investment home, nearly all second-home buyers consider these properties to be good investments.
CHARACTERISTICS OF SECOND-HOME BUYERS
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The typical vacation-home buyer is 55 years old with a total household income of $71,000. Investment-property homebuyers have a median age of 47 years with a typical household income of $85,700.
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The majority of second-home owning households - 71 percent of vacation-home buyers and 59 percent of investment-property buyers - have no children under 18 living in those households.
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Thirty-three percent of vacation-home buyers desired that their second home be close to their job or school; 27 percent wanted their vacation home close to their primary residence.
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Thirty-four percent of investment-home buyers looked for properties that were close to their primary residence.
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More than half of investment property buyers spend no time in their second home.
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Eighty-six percent of vacation-home buyers do not rent out their vacation homes.
CHARACTERISTICS OF VACATION HOMES
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The median distance between a vacation-home buyer's primary residence and second home is 49 miles.
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Eighty-eight percent of vacation-home buyers travel to the property by automobile.
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More than half of vacation homes are located in the suburbs.
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Eighty-three percent of recently-purchased vacation homes are detached singke-family homes.
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Vacation homes have a median size of 1,290 square feet and a median purchase price of $190,000.
CHARACTERISTICS OF INVESTMENT PROPERTIES
- The median distance between an investment property buyer's primary residence and the second home is 18 miles.
- Eighty-six percent of recent investment-property buyers travel to the property by automobile.
- Forty-four percent of investment properties are in the suburbs.
- Sixty-two percent of investment property buyers report that the property they purchased was smaller than their primary residence.
- The median purchase price of recently purchased investment properties is $148.000.
ACQUIRING A SECOND HOME
- Eighty-three percent of vcacation-home buyers and 84 percent of investment-property buyers used a real estate agent in their home search.
- Fifty-nine percent of second-home buyers used the Internet to search for their second homes.
- Nearly half of second-home buyers used their savings for the downpayment.
THE ROLE OF THE REAL ESTATE PROFESSIONAL
- Forty-five percent of second-home buyers wanted their real estate professional to help them find the right home to purchase.
- Twenty-nine percent found their agent through a referral from a friend, neighbor or family member.
- More than 90 percent od second-home buyers felt it was most important that the real estate professional have knowledge of the purchase process.
- Sixty-nine percent of recent second-home buyers would use the same real estate professional again.
Sunny Second-Home Market, at least for now
(May 12, 2005) -- The near-term outlook for the second-home market is strong, but there are reasons to be concerned down the road, said David Lereah, chief economist for the NATIONAL ASSOCIATION OF REALTORS®, at NAR's Resort Real Estate Committee meeting on Wednesday in Washington, D.C.
The meeting was part of the 2005 REALTORS® Midyear Legislative Meetings & Trade Expo, being held May 9-14.
“For the next five to 10 years, this is a very, very healthy marketplace,” Lereah said. “By and large, the second-home market is healthier than the primary-home market.”
Second homes accounted for 36 percent of all residential transactions in 2004, with 23 percent purchased for investment purposes and 13 percent for vacation residences, according to NAR's 2005 Profile of Second-Home Buyers.
Fueling the second-home market are baby boomers taking advantage of equity built up in their primary residences; strong demand from foreign buyers; and easier financing availability. However, Lereah said loose lending practices and speculative buying could dampen demand for these properties in the future.
Lereah presented these additional highlights from NAR's second-home survey:
The typical vacation-home buyer is 55 years old with a total household income of $71,000. Investment-property homebuyers have a median age of 47 years with a typical household income of $85,700.
The median distance between a vacation-home buyer’s primary residence and second home is 49 miles, compared with 18 miles for investment-property purchasers.
The majority of second-home-owning households—71 percent of vacation-home buyers and 59 percent of investment-property purchasers—have no children under 18 living at home.
83 percent of vacation-home buyers and 84 percent of investment-property purchasers used a real estate practitioner in their home search and purchase.
To reflect the increasing importance of second homes in all areas of the country, the committee has asked the NAR Board of Directors to approve a name change for the committee, to the Resort and Second Home Committee and Forum.
—Chuck Paustian, REALTOR® Magazine Online
2006 Second-Home Owner Survey Shows Solid Market, Appetite for More
WASHINGTON (May 11, 2006) – A new survey of second-home owners by the National Association of Realtors® shows baby boomers continue to dominate the market, and a growing number of second homes – more than one-in-ten – are owned by minorities. A surprising majority of respondents own multiple properties in addition to their primary residence.
David Lereah, NAR’s chief economist, said the market continues to be dominated by the baby boom generation. “Middle-aged, middle-income households are the driving factor in the second-home market, with favorable demographics providing a solid fundamental demand in this sector for the next decade,” Lereah said. “Boomers believe in diversifying their assets, and most second-home owners see their purchase as being a better investment than stocks. A surprising majority of survey respondents hold multiple properties, and they are interested in purchasing additional homes.” About six in ten respondents own two or more homes in addition to their primary residence.
Minorities have become more active in the market, accounting for 11 percent of vacation home purchases between 2003 and 2005 in contrast with 6 percent of purchases in 2002 or earlier. In the investment property segment, minorities accounted for 17 percent of transactions between 2003 and 2005 compared with 11 percent in 2002 or earlier.
An unexpectedly high number of vacation-home owners, 21 percent, own two or more vacation homes. In addition, 34 percent of vacation-home owners report they own two or more investment properties.
More than half of investment property owners, 53 percent, own two or more investment homes and 12 percent own two or more vacation homes.
Analysis of U.S. Census Bureau data shows there are 6.8 million vacation homes in the United States and 37.4 million investment units in addition to 74.6 million owner-occupied units.
NAR President Thomas M. Stevens from Vienna, Va., said the term “second home” appears to be something of a misnomer. “The fact that so many owners of vacation homes and investment property have additional properties is a bit of a revelation,” said Stevens, senior vice president of NRT Inc.
“We’ve always known that a certain segment has invested heavily in the rental market, and some people earn their living simply by holding and managing investment property. What we see now is a crossover between largely vacation- and investment-home owners, with people recognizing the value of those investments and pouring more assets into real estate,” Stevens said.
The typical vacation-home owner is 59 years old, earned $120,600 last year, and purchased a property that is 220 miles from their primary residence, but 34 percent were less than 100 miles and another 34 percent were 500 miles or more. Eight out ten drive to their property, and half of vacation homes are located within the same state as the owner’s primary residence. Eighty-three percent of owners are married couples.
Three-fourths of vacation-home owners purchased for personal use, although one-third also wanted to diversify investments, and 18 percent intended that the home would become a primary residence in retirement. Only 13 percent of vacation owners listed rental income as a reason to buy. The typical owner spends 39 nights per year at their property, and three-quarters do not rent out. Of those who do rent their vacation home, the median number is 12 nights per year.
The median age of an investment owner is 55, with an income of $98,600 in 2005; 75 percent of owners are married couples. Their investment property is located close by, within a median distance of 10 miles.
Two-thirds of investment-home owners purchased their property to generate rental income, and half viewed the property as a way to diversify investments. Eight out of ten spend no time in their property. Not surprisingly, 80 percent rent it out, with 73 percent renting for at least six months per year.
For all second home owners, their most recent property was purchased a median of six years ago. However, most have held additional properties for longer periods.
As for attributes desired in a vacation home, two-thirds want to be close to an ocean, river or lake; 39 percent close to recreational or sporting activities; 38 percent close to vacation or resort areas; and 31 percent close to mountains or other natural attractions.
Leisure activities of interest to vacation-home owners include beach, lake or water sports, 57 percent; boating, 38 percent; hunting or fishing, 32 percent; golf, 21 percent; biking, hiking or horseback riding, 20 percent; ski or winter recreation, 17 percent; and tennis, 9 percent.
Half of vacation homes are located in resort or recreational areas, 18 percent in small towns and 16 percent in rural areas. Four out of ten are detached single-family homes, 22 percent are cabins or cottages, 21 percent condos in buildings with five or more units, 7 percent a townhouse or row house, 5 percent a mobile or manufactured home, and 3 percent are located in two-to-four unit structures; 1 percent were other. Six percent said their vacation home was a timeshare unit.
The median size of a vacation home is 1,480 square feet, 29 percent were new when purchased, and owners estimated the current value to be a median of $300,000 – 68 percent said the value of that property was lower than their primary residence. Sixty-five percent of owners said their vacation property was a better investment than stocks.
Six out of ten investment properties are located within metropolitan areas. Half are single-family homes, 21 percent are a duplex or apartment in a two-to-four unit structure, 13 percent condos in a building with five or more units, 8 percent a townhouse or row house, 3 percent a mobile or manufactured home, and 2 percent a cabin or cottage; 4 percent were other.
The median size of an investment property is 1,520 square feet, 15 percent were new when purchased, and owners estimated the current value to be $200,000. Three-fourths said the value of their investment property was lower than their primary residence, and 70 percent said their property was a better investment than stocks.
Four percent of vacation-home owners and 8 percent of investment owners said they intended for their child to occupy that property while in school.
Among buyers of second homes in recent years (since 2003), two-thirds purchased through a real estate agent. Eighteen percent of vacation homes and 17 percent of investment properties were purchased directly from owners, while 14 percent of vacation homes and 7 percent of investment properties were purchased directly from builders.
Thirty-two percent of all vacation-home owners and 24 percent of investment owners paid cash for their property. Combined with mortgages that have been paid-off, 82 percent of vacation homes and 75 percent of investment properties are owned free and clear.
Of owners who purchased with a mortgage, the median downpayment on a vacation home was 27 percent and the median downpayment for an investment home was 23 percent.
When asked about the source of downpayment funds for more recent vacation-home owners with loans, who purchased since 2003, half said savings, 23 percent from the sale of other real estate, and 19 percent identified equity or sales proceeds from their primary residence.
For more recent investment owners who purchased with mortgages, half said downpayment funds came from savings, 28 percent from equity or sales proceeds of their primary residence, and 18 percent from the sale of other real estate.
“With older baby boomers just now reaching 60 years of age, and younger boomers in their early 40s, the lifestyle preference of boomers will figure prominently into future demand for vacation homes,” Lereah said. Eleven percent of vacation-home owners said they were planning to buy another home within two years, and 10 percent said they planned to sell.
On the other hand, ownership of investment property hinges on financial gains that can be expected from rental income and appreciation. “Mortgage interest rates, local economic conditions and the local rental market are more important factors in investment decisions. Cooling appreciation rates and greater loan oversight are expected to discourage the speculative element in the investment market, although that is likely to be a relatively small portion of the overall market,” Lereah said.
Even so, 35 percent of all investment-home owners said they were planning to buy another home within two years. For those who currently own four or more investment units, 64 percent said they planned to buy another property within two years, and 17 percent said they planned to purchase five or more additional properties.
Twenty-eight percent of investment owners plan to sell a property within two years.
The 2006 National Association of Realtors® Profile of Second-Home Owners is based on an eight-page questionnaire mailed in January 2006 to a nationwide sample of 45,000 households who owned more than one residential property. It generated 416 usable responses from vacation-home owners and 619 from investment owners.
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