Demand for Vacation Homes in U.S. Spikes 84 % in Early 2021
The annual rise in second-home mortgage applications is more than double the increase in applications for primary homes. Symbolizing Uneven Financial Recovery in the U.S.
The continued popularity of vacation homes is indicative of the rise in remote work due to the coronavirus pandemic. With white-collar workers able to work remotely and children learning from home, many affluent Americans are opting to spend at least part of their time outside of densely packed cities and decamping to vacation destinations. The demand for second homes is also representative of the K-shaped economic recovery from the pandemic-driven recession, with scores of lower-income Americans continuing to suffer financially while many high earners benefit from skyrocketing home values and well-performing stock portfolios.