Second Homes and the Affluent Buyer

At the start of the coronavirus pandemic, many city dwellers fled to their vacation properties, but who are these second home owners and what do they value?

Katie Caron
09/16/2020
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Photo by chrissie kremer on Unsplash
Photo by chrissie kremer on Unsplash

At the start of the coronavirus pandemic, many city dwellers lucky enough to have second homes fled their more congested urban residences in favor of the space and scenery of their vacation properties. As the crisis stretched on longer than anyone expected, some made that move semi-permanently, adapting what were meant as vacation homes into functional spaces for work, school and leisure. So who exactly owns second homes, and what do they look for in those spaces? A 2019 report from Luxury Portfolio International and YouGov Affluent Perspective offers the insights below. The report focused on affluent consumers (the top 10 percent of income earners) in 26 countries who are in the market to buy or sell a second or vacation home in the next three years.

second home owners

 

second home owners

 

What do Second Home Owners Value?

Wellness is top of mind for affluent consumers, with 96 percent saying they take at least one aspect of wellness seriously as part of their daily routine. Seventy-three percent of second-home buyers say they take care to eat well, exercise and stimulate their minds. When it comes to wellness design, these amenities are popular in the luxury market:

  • Meditation spaces and relaxation rooms
  • Circadian-rhythm lighting systems
  • Sound-proofing
  • High-grade filters in heating and cooling units for cleaner air
  • Mood aligning paint colors inspired by nature
  • Saline pools

 

second home owners

With wellness in mind, second home buyers look for spaces designed to accommodate their busy lifestyles.

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