Half of the nation's second homes are found in nine states, according to recent data analysis by the National Association of Home Builders, and building is likely to increase in vacation areas soon, according to one expert.
Na Zhao provides analysis and data for the National Association of Home Builders (NAHB) about the number nd location of second homes in the U.S. real estate market. While this report doesn't begin to speculate on how the COVID-19 pandemic and its effects might alter the second home market, it does provide the most recent available data (2018) about the geographic spread of second homes prior to the outbreak of the pandemic.
Here Zhao provides a summary of the data:
According to NAHB estimates, the total count of second homes was 7.5 million, accounting for 5.5% of the total housing stock in 2018, the most recent data available. As of 2018, the state with the largest stock of second homes was Florida (1.1 million), accounting for 14.5% of all second homes. South Dakota had the smallest stock, approximately 20,000 second homes, among all 50 states. Half of the nation’s second homes can be found in nine states: Florida, California, New York, Texas, Michigan, North Carolina, Arizona, Pennsylvania, and Wisconsin.
Zhao teases out more geographic distinctions and also notes one potentially surprising finding in the data: the concentration of second homes is not limited to conventional locations like coastal areas. "There were 932 counties spread over 49 states, where second homes accounted for at least 10% of the local housing stock," according to Zhao.
For some informed speculation about how these figures might change, Robert Dietz, chief economist for the NAHB, tweeted a prediction that home building is likely to increase in traditional vacation markets.
We'll have more on home building in traditional vacation markets soon (a part of the changing geography of housing demand analysis), but here's the benchmark data using the ACS. We classify 5.5% of the housing stock as vacation homes: https://t.co/MT5fuompum pic.twitter.com/s0GhwFPOyF
— Robert Dietz (@dietz_econ) October 16, 2020
FULL STORY: Nation’s Stock of Second Homes
Real Estate Market Setting Records in One of the West's Most Desirable Escapes
Jackson Hole, Wyoming is seeing a pandemic bump in real estate prices that mirrors the experience of vacation and tourism towns all over the United States.
Condo Sales Drop Everywhere in New York City, But Least of All Outside of Manhattan
A clearer picture of the economic downturn's effects on New York City real estate is emerging. So far, new buyers are betting on boroughs not named Manhattan.
Price Cuts Spread to More of the U.S. Housing Market
The insanity of the housing market during the pandemic seems to have peaked in an increasing number of U.S. cities, according to recent data.
The Surprising Oil Tax in the Inflation Reduction Act
President Biden has made reducing gas prices paramount in his administration, so it was likely a surprise to hear a Republican senator last Sunday warn TV viewers that a revived and increased oil fee in the climate bill will increase their gas costs.
The Tide Has Turned Against Open Streets
Once a promising development for advocates pushing for a less car-centric future in cities, the open streets movement has ceded significant ground to cars since the height of the pandemic.
San Antonio Office Tower To Become Residential
With the building more than half vacant, the new owners of the Tower Life Building plan to convert the historic tower into residences that could include affordable housing.
Department of the Interior Forced to Intervene on the Colorado River
More questions than answers on the Colorado River this week as the federal government failed to deliver on threats to force Southwest states to cut back on water use.
Explaining Rent Inflation
The delayed effects of changes in rent costs make rent inflation a difficult figure to pin down.
Dallas Names 66-Mile Bike and Walking Trail
When complete, the newly named DFW Discovery Trail will incorporate 50 miles of existing trails into a regional ‘super highway.’
San Francisco County Transportation Authority
Texas A&M AgriLife Extension
Harvard University Graduate School of Design
Chaddick Institute at DePaul University
HUD's Office of Policy Development and Research
Cohousing Association of the US
City of Crystal River
Sun City Center Community Association, Inc
City of Mesa
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Hand Drawing Master Plans
This course aims to provide an introduction into Urban Design Sketching focused on how to hand draw master plans using a mix of colored markers.
