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Pacaso's 2022 Second Home Attitude Report Reveals 87% of Buyers Plan to Drive to Their Second Home64% of Buyers Desire to Travel Four Hours or Less to Their Second Home
SAN FRANCISCO, Sept. 28, 2022 /PRNewswire/ -- Pacaso, the leading technology-enabled real estate marketplace that helps people buy and co-own a luxury second home, today released its 2022 Second Home Attitude Report, to better understand what's motivating second home buyers. Savanta, a trusted research firm, gathered the quantitative survey-driven data to identify trends around existing and aspiring second homeowner preferences. The research was conducted amongst households with incomes equivalent to $150,000 or greater per year across the United States. "The newfound flexibility many Americans are afforded has made demand for second homeownership stronger than ever as people look to put quality of life front-and-center in their lifestyle," said Pacaso CEO and Co-Founder Austin Allison. "When you buy a second home, you're unlocking a new chapter in life, becoming a part of the fabric of the community, and above all else, finding a special place to spend time with friends and family." According to the Savanta data analyzed by Pacaso's research team, location, price, and home size are the top three most important considerations to buyers in the purchasing decision of a second home. An inability to afford the second home they want is holding non-second homeowners (66%) back. Of the people who desire to own a second home but don't already, nearly half (42%) show concern about the associated costs and more than one-third (35%) are hesitant about the effort to maintain a second home. Commute and Transportation Second Home Destination Locations "Both existing second homeowners and aspiring owners prefer domestic second homes because they are more accessible, allowing them to visit more often. These owners and aspiring owners are attracted to a second home to share with their family and friends so they can live life to the fullest," said Savanta Director Research, Insights and Consulting, Amit Sahni. Second Home Visit Frequency and Duration of Stays "Our data shows that only 29% of people plan to visit their second home, more than 7x per year. This stat further cements co-ownership as a more efficient and sustainable option, as buyers have the power to own only what they will use. Owning 100% of a home you barely use is wasteful and antiquated," continued Allison. For media inquiries or to speak with our experts who compiled this report, please contact [email protected]. Methodology Savanta is a fast-growing data, market research, and advisory company. Savanta informs and inspires clients through powerful data, empowering technology, and high-impact consulting, all designed to help clients make better decisions and achieve faster progress. About Pacaso For more information about Pacaso and to view luxury second home listings, visit www.pacaso.com or download the Pacaso app for Android or iPhone. You can also follow Pacaso on social media @PacasoHomes on Twitter, Instagram, Facebook and YouTube or @Pacaso_Homes on TikTok. View original content to download multimedia:https://www.prnewswire.com/news-releases/pacasos-2022-second-home-attitude-report-reveals-87-of--buyers-plan-to-drive-to-their-second-home-301634694.html SOURCE Pacaso |