Written by: Daniel Gleich
The number of second homes in the U.S. are on the rise, especially with the current real estate market favoring those wealthy enough to make offers that are tens of thousands of dollars over asking. The team at Madison Trust Company wanted to know where the highest concentration of second homes, which are often used as vacation homes, could be found in the United States. To find the answer they analyzed data from U.S. Census Bureau’s 2021 American Community Survey and ranked all of the combined statistical areas of the U.S. on the percentage of homes there that are meant just for seasonal, recreational, or occasional use. These aren’t vacation home rentals, they are homes that are strictly used by the homeowner as a second residence to live in, or use, when they choose. Read on to see which East Coast vacation spots and mid-western cities were found to be the best places for a second home.
Where Are The Most Second Homes in the U.S.?
The highest concentration of second homes in the U.S. is in the Marinette-Iron Mountain, WI-MI area where 26.73% of the residences are used only for seasonal, recreational, or occasional use as a second home. Out of the 60,645 residences in this combined statistical area, 16,211 are considered to be second homes. Why is this area such a popular spot for a second home? With so many attractions and recreational opportunities in the area, from skiing to hiking to water sports, this part of the country is considered to be a ‘four season vacationland’.
A large amount of the areas that were found to have the most second homes are located along the coastlines, with a good amount of them in popular Florida vacation spots. It’s safe to assume that any inland metro areas that have the most vacation homes in the U.S. are located near bodies of water, such as the handful of locations along the Great Lakes that were found to have a high rate of second homes.
The 10 Areas of the U.S. With The Most Second Homes
- Marinette-Iron Mountain, WI-MI has 16,211 second homes, amounting to 26.73% of all residences.
- Salisbury-Cambridge, MD-DE has 69,160 second homes, amounting to 25.08% of all residences.
- Edwards-Glenwood Springs, CO has 16,898 second homes, amounting to 24.33% of all residences.
- Myrtle Beach-Conway, SC-NC has 75,810 second homes, amounting to 22.31% of all residences.
- Cape Coral-Fort Myers-Naples, FL has 141,979 second homes, amounting to 20.97% of all residences.
- New Bern-Morehead City, NC has 18,874 second homes, amounting to 17.14% of all residences.
- North Port-Sarasota, FL has 87,376 second homes, amounting to 14.53% of all residences.
- Portland-Lewiston-South Portland, ME has 35,499 second homes, amounting to 10.62% of all residences.
- Miami-Port St. Lucie-Fort Lauderdale, FL has 240,218 second homes, amounting to 7.91% of all residences.
- Burlington-South Burlington-Barre, VT has 10,512 second homes, amounting to 7.89% of all residences.
How Many Homes in the U.S. are Second Homes?
Through our analysis we found that there are at least 2.64 million second homes in the U.S. that are for seasonal, recreational, or occasional use. How many homes are there in the United States? There are more than 110 million residences in the United States, including both households and vacant homes, which means that 2.39% of all residences in the United States are used solely as second homes.
Are you thinking of buying a second home? Learn more about how to buy real estate with a self-directed IRA to make your second home ownership dreams a reality.
The 30 Areas of the United States With the Most Second Homes
|Metro Area||Total Number of Residences||Number of Residences Used Only for Seasonal, Recreational, or Occasional Use||Percentage of Residences That Are Second Homes|
|1||Marinette-Iron Mountain, WI-MI||60,645||16,211||26.73%|
|3||Edwards-Glenwood Springs, CO||69,454||16,898||24.33%|
|4||Myrtle Beach-Conway, SC-NC||339,838||75,810||22.31%|
|5||Cape Coral-Fort Myers-Naples, FL||677,021||141,979||20.97%|
|6||New Bern-Morehead City, NC||110,136||18,874||17.14%|
|7||North Port-Sarasota, FL||601,470||87,376||14.53%|
|8||Portland-Lewiston-South Portland, ME||334,146||35,499||10.62%|
|9||Miami-Port St. Lucie-Fort Lauderdale, FL||3,037,320||240,218||7.91%|
|10||Burlington-South Burlington-Barre, VT||133,157||10,512||7.89%|
|11||Hot Springs-Malvern, AR||66,758||5,156||7.72%|
|14||Williamsport-Lock Haven, PA||71,281||4,649||6.52%|
|15||Green Bay-Shawano, WI||170,092||10,188||5.99%|
|17||Mount Pleasant-Alma, MI||44,669||2,455||5.50%|
|22||State College-DuBois, PA||104,004||5,438||5.23%|
|23||Idaho Falls-Rexburg-Blackfoot, ID||99,318||5,142||5.18%|
|26||DeRidder-Fort Polk South, LA||37,969||1,861||4.90%|
|27||Pensacola-Ferry Pass, FL-AL||242,793||11,577||4.77%|
|28||South Bend-Elkhart-Mishawaka, IN-MI||359,438||17,044||4.74%|
|29||Montgomery-Selma-Alexander City, AL||220,989||9,080||4.11%|
Related: Self Directed IRA Basics, What is a Self Directed IRA Custodian, Self Directed IRA with Checkbook Control
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