Pacaso 2023 Second Home Attitude Report: Buyers yearn to be cool, connected, and in the car
Published Date: July 12, 2023
Pacaso 2023 Second Home Attitude Report: Key takeaways
June 2023 proved to be a strong month for Pacaso, as we experienced a 59% increase in funded shares compared to May 2023. The enthusiasm and confidence shown by our community also resulted in year-over-year growth compared to June 2022. These impressive figures reinforce our commitment to providing exceptional ownership opportunities and solidify demand for second homes despite a fluctuating market.What’s motivating these second home buyers and more is captured in the 2023 Second Home Attitude Report — a quantitative survey-driven report conducted by Pacaso and Applied Research West, a trusted research firm. The report identifies trends around second homeowners and aspiring second homeowners’ preferences and gauges the factors considered when deciding to buy a second home.This report uses data from a June 2023 survey conducted among current and aspiring second homeowners with a net worth of $250,000 or greater per year across the United States.
Memories over money aka: YOLO
81% of people would rather spend money today on family vacations or in a second home versus passing more money along to children as inheritance. This data suggests a strong desire among respondents to prioritize experiences and the enjoyment of assets in the present moment, emphasizing the value placed on creating lasting memories with loved ones."I'm a big fan of Bill Perkins' book 'Die With Zero,' where he compares enjoying experiences and creating memories now to saving too much for retirement. It turns out that prospective and current second homeowners share the same perspective, prioritizing the freedom to enjoy life while they're young instead of worrying about leaving behind a large Schwab account," said Austin Allison, CEO and Co-Founder of Pacaso. "I believe that my two-year-old son will remember and cherish our hikes in Tahoe, mountain biking in Scottsdale, and making s'mores together around the fire pit in Napa more than my savings."
Second homeowner you, is the cooler you
57% of aspiring second homeowners believe their extended family would be more interested in spending time with them if they owned or co-owned a second home."My wife and I live in Cleveland, while our adult children reside in California and Upstate New York. Finding a time and place for our entire family to come together has gotten increasingly more challenging. That's why we made the decision to buy a share of a Pacaso property in Cabo, and I must say, it has far exceeded our expectations. Beautiful places are definitely a draw for the kids, as sometimes mom and dad alone aren't enough. Having a second home, as opposed to a revolving door of rentals, has provided us with a genuine sense of belonging and a place to reconnect," said David W., Pacaso homeowner. "I wouldn't trade those moments of togetherness with my children and extended family for anything. Finally, I can proudly claim the title of the cool dad."Furthermore, 62% of current and aspiring second homeowners spend two weeks per year or less on vacation with extended family, but would like these vacations to happen more often.
Second home dreamers and owners still love a road trip
The 2022 Pacaso Second Home Attitude Report found that nearly two-thirds of people (64%) commute or expect to commute to their second home in four hours or less and the majority (87%) want to drive. The 2023 report yields the same result with the majority (70%) of aspiring second homeowners preferring to be within driving distance of their second home."We have seen a significant surge in demand for second homes in drive markets from major metro cities," continued Austin Allison. "People are seeking the perfect balance between convenience via proximity and the serene escape of a second home. The desire to have a getaway within a reasonable driving distance became a growing trend during the pandemic, but is still a top preference with current and soon-to-be second homeowners. The Lake Tahoe area serves as a prime example, located just one hour away from Reno, four hours from San Francisco, and two hours from Sacramento."
Pacaso commissioned market research firm Applied Research West on a quantitative online study aimed at understanding the second home attitudes and usage preferences of existing and non-second homeowners. The research was conducted to more than 400 people in June 2023 amongst households with incomes equivalent to $250,000 or greater across the United States. Applied Research West is an award winning full service Marketing Research firm specializing in qualitative and quantitative research as well as advanced data analytics and AI.