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This article was checked for accuracy as of September 19, 2024. Learn more about our commitments to accuracy and your mortgage education in our editorial guidelines.
Updated: September 19, 2024
Vacation home buyers are particularly attracted to beach towns.
In 2022, vacation home buyers represented 3.43 percent of all U.S. home buyers, with Jersey Shore and Delaware Beach leading the way.
This Homebuyer.com housing market study highlights trends in U.S. vacation home purchases.
The study, titled “The Most Popular ZIP Codes For Vacation Homes In Every U.S. State,” uses data from the FFEIC and the Home Mortgage Disclosure Act (HMDA) to identify where vacation homes are being purchased.
Many states have clear vacation home markets.
39 states have at least one ZIP code where second-home buyers make up 50 percent or more of buyers, and every state but two has at least one ZIP code where at least 25 percent of buyers are purchasing vacation homes.
The study reviews all 50 states and provides additional insights into second-home buyer household incomes, property values, and loan amounts. The highest average loan for second-home buyers is in Big Sky, Montana, 59730, with an average of $2.96 million.
In University, Kansas, 66863, the average loan amount drops to $141,667.
Scroll to the bottom for our complete methodology.
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Data for this study was sourced from the FFEIC, specifically the 2018-2022 Snapshot National Loan Level Dataset. These datasets include national HMDA data filed by U.S. mortgage lenders as of April 30, 2022. To protect privacy, some data is modified. This study focuses on buyers of 1-4 unit residential properties in the 50 states and the District of Columbia. Only second or vacation home buyers were included. Buyers of one-time construction loans and open-ended mortgages like home equity lines of credit (HELOC) are excluded.
We used advanced database queries that join datasets from the Loan Application Register and the U.S. Census Bureau. Our queries sift through over 30 GB of data to extract the necessary information.
Outlier data, primarily tied to withdrawn or incomplete mortgage applications, was removed. Less than half a percent of the HMDA data was excluded for this reason.
The HMDA data’s robustness and our precise database queries ensure the reliability of our results.
We conducted this research to help home buyers make informed housing decisions. If you find this research useful, feel free to share it, with proper attribution.
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