The National Association of Realtors conducted a survey last year to collect demographic profiles of Investment & Vacation home buyers. While Summit County medians are higher, the statistics do provide some insight into what the national picture looks like for this market segment.
Vacation Home Buyers
- Median age: 46
- Median income: $87,500
- Median distance from primary residence: 348 miles
- Median sale price in 2009: $276,000
- Vacation homebuyers were most likely to purchase property in a rural area, small town or resort. They plan to keep the property for an average of 16 years.
Investment Property Buyers
- Median age: 45
- Median income $87,200
- Median distance from primary residence: 24 miles
- Median sale price in 2009: $105,000
- Investment buyers were most likely to purchase proeprty in metropolitan areas. They plan to hold it for 12 years.
Source: 2010 National Association of Realtors Investment and Vacation Home Buyer Survey.