Posted on in Housing Market
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.