20+ Surprising Second Home Ownership Statistics You Need to Know

Second homes are a growing trend globally, with key statistics like 7.5M in the US, 5.6% in the UK, and a 30% increase in US sales in 2020.

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Owning second homes is an upcoming trend worldwide as people desire extra property for recreational purposes. When you need a second home in your portfolio, it is essential to understand home ownership trends and statistics.

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Top Second Home Ownership Statistics

  • By 2018, 7.5 million second homes were discovered in the United States
  • Approximately 5.6% of properties in the United Kingdom were categorized as second homes in 2020
  • Around 63% of buyers in 2020 purchased their homes for personal use
  • Owning second homes in the United Kingdom doubled to 3.4 Million in 2018
  • 9% of the population in Australia have second homes
  • In 2020, the United States had a 30% increase in second-home sales
  • The prices of second homes in Canada had an 11.5% increase in 2020
  • In 2019, 16% of residential property sales in South Africa were for holiday
  • 46% of buyers bought an existing property
  • 28% of Spanish households own second homes

Overall Second Home Ownership Statistics

Below are second home ownership statistics worth knowing about.

1. By 2018, There Were 7.5 Million Second Homes Available in the United States

With 7.5 million second homes, it’s clear that more people have chosen to buy second homes. Florida has the largest share of second homes, accounting for over 14.5% of all homes, while South Dakota has the smallest number of second homes, with only 20,000.

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2. Approximately 5.6% Of Properties in the United Kingdom Were Categorized as Second Homes in 2020

In 2020, the United Kingdom had 5.6% of its total properties considered second homes. The statistics indicate that people across the United Kingdom embrace having second homes, which has significantly impacted the housing market.

3. Around 63% Of Buyers in 2020 Purchased Their Homes for Personal Use

Over 2/3 of second-home owners purchased their properties for vacation or personal purposes. Instead of purchasing homes for investment purposes, most buyers in the United States buy them for recreational purposes.

4. Owning Second Homes in the United Kingdom Doubled to 3.4 Million in 2018

An estimated 3.4 million people purchased second homes compared to 1.6 million in 2000. Buying second homes is a popular investment in the United Kingdom. In addition, it shows that the state of the second home market is promising.

5. 9% Of the Total Population in Australia Owns Second Homes

Many in Australia have purchased second homes, which they use for retirement and vacationing.

6. In 2020, the United States Had a 30% Increase in Second Home Sales

The United States had a high demand for second homes in 2020, resulting in over 30% sales. Although the rising mortgage rates and increasing home prices negatively impacted the second home market, sales were still high.

7. The Price of Second Homes in Canada Increased by 11.5% in 2020

The medium price of second homes skyrocketed by 11.5% in Canada, indicating that owning second homes is becoming popular. The increasing popularity is due to several factors, including increasing income.

8. In 2019, 16% Of Residential Property Sales in South Africa Were for Holiday

More people in South Africa are willing to purchase several portfolios and enjoy the advantages of owning second homes.

9. 46% Of Buyers Bought Existing Homes

While around 46% of second homeowners bought an already-built property, 37% preferred purchasing a new one. The statistic shows that existing homes are more affordable. However, new homes construction are still in demand, with more than 37% buying them.

10. 28% Of Households in Spain Own Second Homes

With at least 28% second homes ownership, Spain has the second highest number of people with second homes. The statistic demonstrates how second home ownership is common in Spain.

11. Second Home Owners in the Netherlands Increased by 53% In 2017

The number of people with second homes in the Netherlands increased by 53% between 2000 and 2017. More people have been buying second homes mainly due to their affordability.

12. 15% Of the Population in Portugal Own a Second Home

Approximately 15% of people in Portugal have purchased second homes to use as retirement or recreational home.

13. 6.5% of Residential Properties in New Zealand Are Second Homes

More than 6.5% of residential homes in New Zealand are second homes, depicting how popular second home ownership is.

14. Most Families Co-Own 5% of Second Homes in the US

In the United States, families wanting to own second homes prefer to share costs. That allows them to own second homes without solely investing in the property.

15. Marinette Iron Mountain Has the Highest Second Homes at 16,211

While second homes in Marionette Iron Mountain account for over 26.73% of all residences, Salisbury-Cambridge and Edwards-Glenwood Springs have 25.08% and 24.08%, respectively.

16. Demand for Second Homes Outpaced Demand for Primary Homes by 50%

Since 2020, there has been an increasing demand for second homes, especially in coastal towns in the United States.

17. People Aged Between 30 and 49 Years Owns More Second Homes

In the United States, the population between 30 and 49 years owns more second homes at 6.02%. On the other hand, people aged 18-29 and 50-64 years accounts for 4.68% and 4.13%, respectively.

18. New York Has the Highest Second Home Ownership at 2.1%

At 2.1%, New York has the highest number of second home ownership. Other cities popular with second home ownership include Mesa and Los Angeles.

19. Ocean City Has the Most Second Homes per Capita

Ocean City has the highest number of second homes per capita at 65%, followed by North Myrtle Beach at 42.4%.

20. Counties With Over 25,000 Second Homes in the US Are Near Metropolitan Areas

In the United States, counties with more than 25,000 second homes are mainly close to metropolitan areas. These counties are in California, Florida, and Massachusetts.

Final Thoughts

The second home market has been increasing over the years, with more people opting to purchase properties for vacation. Some people prefer purchasing second homes as a group to reduce the cost of ownership. With these second home ownership statistics, you can easily purchase the home of your dreams. 

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