Quote:
Originally Posted by Biggd
Boomers get blamed for everything now. It's the American way now, it's always someone else's fault!  |
No. It is a cycle.
Second homes are most often purchased by near retirees/retirees (55+); that demographic generally has the highest amount of assets due to years of working and building their wealth. They may purchase as a vacation getaway, but also think of that last ''forever home''. Lake houses tend not to be ''starter homes''.
So the latest surge is the cycle of Boomers reaching 55+ and will drop as the number of people in that group drops. GenX tended to be a smaller number of people... so they will not be able to keep up the same demand.
When Millennials reach 55, because of the size of that generation, a new cycle will start another surge.
Their taste in housing is different so a lot of remodeling and building will go on when that happens... we expect that run to begin around 2051.