Second Homes: What, How Many, Where and Who

This paper addresses several basic questions regarding second homes: what is or should be counted as a second home; how many second homes exist in the United States; where are second homes located; and who owns second homes. This paper provides a point of departure for future discussions as it clarifies the concept of second homes and matches it to various available datasets. It also develops four different perspectives to look at second homes as a special sector of the housing market. The paper suggests that the increase in household wealth and favorable demographics are likely to continue driving the current demand for second homes…