A booming economy and low mortgage rates helped boost the median sales price of vacation home counties across the country in 2018, according to a study by the National Association of Realtors.
Areas are declared “vacation home” counties when 20 percent or more of the housing stock is used for recreational, vacation or seasonal purposes. Of the 3,141 counties in the U.S., 206 – 6.6 percent – are considered vacation home counties.
“Some people may visualize the common popular vacation destinations in the U.S. when considering a vacation home, such as counties in Florida or California,” Lawrence Yun, NAR’s chief economist, said in the report. “And although those locations have their share of vacation properties, we see that some homeowners prefer some of the other counties, including those in Massachusetts and New Jersey. These areas are often known for harsh weather conditions but are popular nonetheless.”
The median price for these vacation spots increased 36 percent between 2013 and 2018, slightly higher than then 31 percent increase reported for existing and new homes sold during the same time period in non-vacation counties?.
Both Monroe and nearby Collier counties were identified in the report as being among the most expensive vacation home counties in the country, with estimated median sales prices of $477,136 and $334,709, respectively.
Perhaps unsurprisingly, the two counties also were in the least affordable category – Monroe having the third highest estimated monthly mortgage payment at $6,147 and Collier having the 20th highest at $4,312.