{"id":77932,"date":"2024-05-13T05:00:07","date_gmt":"2024-05-13T12:00:07","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=77932"},"modified":"2024-05-10T12:11:00","modified_gmt":"2024-05-10T19:11:00","slug":"vacation-home-mortgages-decline-2023","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/vacation-home-mortgages-decline-2023\/","title":{"rendered":"Demand For Vacation-Home Mortgages Fell 40% in 2023 As Housing Costs Rose to Record High"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Demand for second-home mortgages fell twice as fast as mortgage demand for primary homes, as housing costs rose to new heights.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">An early look at this year&#8217;s data shows that demand for vacation homes hasn&#8217;t picked up in 2024; interest in second-home mortgages has been sitting near an 8-year low all year.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Many of the people who did take out mortgages for second homes last year were high earners, white and\/or Gen Xers.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Austin and the Bay Area saw the biggest declines in mortgages for second homes in 2023.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">U.S. homebuyers took out 90,772 mortgages for second homes in 2023, down 40% from a year earlier and down 65% from the height of the pandemic housing boom in 2021. <\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-77934 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/6W5Hb-demand-for-second-homes-dropped-to-6-year-low-in-2023-1024x723.png\" alt=\"\" width=\"1024\" height=\"723\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/6W5Hb-demand-for-second-homes-dropped-to-6-year-low-in-2023-1024x723.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/6W5Hb-demand-for-second-homes-dropped-to-6-year-low-in-2023-300x212.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/6W5Hb-demand-for-second-homes-dropped-to-6-year-low-in-2023-768x543.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/6W5Hb-demand-for-second-homes-dropped-to-6-year-low-in-2023.png 1240w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">For the sake of comparison, mortgages for primary<\/span> <span style=\"font-weight: 400;\">homes fell at half that rate; they were down 20% year over year in 2023 and down 35% from 2021.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is according to a Redfin analysis of Home Mortgage Disclosure Act (HMDA) data covering purchases of second homes, primary homes and investment properties from 2018 to 2023. The term \u201cvacation home\u201d is used interchangeably with \u201csecond home\u201d in this report.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home purchases <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-2023-fewest-home-sales-since-2008\/\"><span style=\"font-weight: 400;\">fell<\/span><\/a><span style=\"font-weight: 400;\"> across the board last year due to low inventory, high mortgage rates, and high home prices; 2023 was the <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-affordability-at-record-low-2023\/\"><span style=\"font-weight: 400;\">least affordable<\/span><\/a><span style=\"font-weight: 400;\"> year on record. Affordability hasn\u2019t improved in 2024; monthly housing costs are at an <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-update-record-high-monthly-payments-mortgage-rates-decline\/\"><span style=\"font-weight: 400;\">all-time high<\/span><\/a><span style=\"font-weight: 400;\">. Mortgages for second homes dropped more than mortgages for primary homes for several reasons:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">It\u2019s more expensive to buy a second home. The typical second home was worth $475,000 in 2023, versus $375,000 for primary homes. Additionally, the federal government <\/span><a href=\"https:\/\/www.fhfa.gov\/Media\/PublicAffairs\/Pages\/FHFA-Announces-Targeted-Increases-to-Enterprise-Pricing-Framework.aspx#:~:text=For%20second%20home%20loans%2C%20upfront,loan%2Dto%2Dvalue%20ratio.&amp;text=%E2%80%8BThe%20Federal%20Housing%20Finance,11%20Federal%20Home%20Loan%20Banks.\"><span style=\"font-weight: 400;\">increased loan fees<\/span><\/a><span style=\"font-weight: 400;\"> for second homes in 2022, upping the total cost of buying one.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vacation homes aren\u2019t a necessity the way primary homes are, so when housing costs skyrocket, many prospective second-home buyers back off.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Purchasing a second home for your own use is a less attractive proposition than it was a few years ago because many companies are now requiring their employees to return to the office, meaning there\u2019s less time to spend in vacation homes.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Purchasing a second home to rent it out is also a less attractive proposition than it once was because the rental market has <\/span><a href=\"https:\/\/www.redfin.com\/news\/redfin-rental-report-march-2024\/\"><span style=\"font-weight: 400;\">cooled<\/span><\/a><span style=\"font-weight: 400;\"> from its pandemic peak, and owners of short-term rentals on sites like Airbnb are generally <\/span><a href=\"https:\/\/www.newsweek.com\/airbnb-revenue-falling-fastest-nine-cities-data-reveals-1809799\"><span style=\"font-weight: 400;\">earning less revenue<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u201cSoaring prices pushed down demand for vacation homes last year, both for cash buyers and those getting a mortgage\u2013but the latter pulled back even more because high rates exacerbated high prices,\u201d said Phoenix Redfin <\/span><a href=\"https:\/\/www.redfin.com\/premier\"><span style=\"font-weight: 400;\">Premier<\/span><\/a><span style=\"font-weight: 400;\"> agent <\/span><a href=\"https:\/\/www.redfin.com\/real-estate-agents\/heather-mahmood-corley\"><span style=\"font-weight: 400;\">Heather Mahmood-Corley<\/span><\/a><span style=\"font-weight: 400;\">. \u201cThere has been a small uptick in interest in second homes this year, mostly from cash buyers who plan to eventually move in full time. People who would need a mortgage are still sitting on the sidelines, waiting for rates to come down\u2013especially because rates are typically even <\/span><a href=\"https:\/\/themortgagereports.com\/60975\/second-home-vs-investment-property-mortgage-rates-rules\"><span style=\"font-weight: 400;\">higher<\/span><\/a><span style=\"font-weight: 400;\"> for second homes than primary homes.\u201d<\/span><\/p>\n<h3>Just 3% of all mortgages went to second-home buyers in 2023, down from 5% in 2020<\/h3>\n<p><span style=\"font-weight: 400;\">The share of total mortgages that went to second-home buyers also dropped last year: 2.8% of all mortgage originations in 2023 were for second homes, down from 3.6% in 2022 and 5.1% in 2021.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The vast majority of mortgages go to buyers of primary homes: They took out nearly nine in 10 (88.6%) mortgages in 2023, 87.2% in 2022 and 89.2% in 2020. The remainder go to those buying investment properties, with 8.6% of all mortgages taken out in 2023 used for investment properties, compared with 9.2% in 2022 and 5.9% in 2020.\u00a0<\/span><\/p>\n<h3>Vacation-home demand hasn\u2019t picked up in 2024<\/h3>\n<p><span style=\"font-weight: 400;\">An early look at this year\u2019s data shows that demand for second homes hasn&#8217;t picked up in 2024. Mortgage-rate locks for second homes have been sitting near their eight-year low since the beginning of this year, according to a separate Redfin analysis of data from Optimal Blue. They declined 7.3% from a year earlier in April. By comparison, mortgage-rate locks for <\/span><i><span style=\"font-weight: 400;\">primary <\/span><\/i><span style=\"font-weight: 400;\">homes declined 1.6%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Please note that Optimal Blue data is different from the HMDA data used in the rest of this report. Optimal Blue data is a leading indicator because it measures mortgage-rate locks (an agreement between a buyer and a lender that locks in a rate for a period of time; roughly 80% result in home purchases) as opposed to mortgage originations, and it includes a sample of U.S. mortgages rather than all U.S. mortgages.\u00a0<\/span><\/p>\n<h3>The people who are buying vacation homes: Affluent, white, Gen X<\/h3>\n<p><span style=\"font-weight: 400;\">So, who<\/span><i><span style=\"font-weight: 400;\"> did<\/span><\/i><span style=\"font-weight: 400;\"> buy vacation homes in 2023? We broke the data down by\u00a0 income level, race and age:<\/span><\/p>\n<p><b>High earners: <\/b><span style=\"font-weight: 400;\">The vast majority of people who took out mortgages for vacation homes in 2023 were\u2013unsurprisingly\u2013high earners. Nearly nine in 10 (86%) second-home mortgages issued last year went to high-income buyers. Just under 3% went to low-income buyers. (The nationwide median household income of home purchasers in the HMDA data is $178,000 for high-income buyers and $65,000 for low-income buyers.)<\/span><\/p>\n<p><b>White people: <\/b><span style=\"font-weight: 400;\">Nearly four in five (79%) vacation-home mortgages went to white homebuyers in 2023. Asian and Hispanic homebuyers come next, with 6.4% and 6.2% of new vacation-home mortgages, respectively. Buyers who identify as more than one race took out 5.4% of second-home mortgages, and Black buyers took out 2.7%.<\/span><\/p>\n<p><b>Gen Xers: <\/b><span style=\"font-weight: 400;\">29.5% of vacation-home mortgages went to 55-64 year olds in 2023, and another 28.6% went to 45-54 year olds (Gen Xers were 43-58 in 2023). Next come 35-44 year olds (21%), 65-74 year olds (11.4%) and people under 35 (6.9%).\u00a0<\/span><\/p>\n<h3>Second-home mortgages dropped most in Austin and the Bay Area<\/h3>\n<p><span style=\"font-weight: 400;\">Mortgage originations for second homes fell in all major U.S. metros last year. They fell most in Austin, TX, with a 62.5% year-over-year drop in 2023. Austin\u2019s housing market slowed substantially across the board last year as the pandemic migration boom <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-migration-trends-q3-2023\/\"><span style=\"font-weight: 400;\">waned<\/span><\/a><span style=\"font-weight: 400;\"> and housing costs climbed too high for many locals.\u00a0 The next-biggest declines for second-home mortgages were mostly in expensive coastal cities: San Francisco (-57.6%), New York (-53.9%), Seattle (-53%) and Nashville, TN (-51.3%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><i><span style=\"font-weight: 400;\">smallest <\/span><\/i><span style=\"font-weight: 400;\">declines in second-home mortgages were in relatively affordable metros in the middle of the country and on the East Coast: St. Louis (-25.2% year over year), Kansas City, MO (-31.1%), Providence, RI (-31.1%), Montgomery County, PA (-32.1%) and Warren, MI (-32.1%).\u00a0<\/span><\/p>\n<h3>Second homes are most common in Florida<\/h3>\n<p><span style=\"font-weight: 400;\">Second-home mortgages made up the largest share of all mortgage originations in West Palm Beach, FL, a popular destination for snowbirds and vacationers, in 2023. Just under 7% of all mortgage originations in the West Palm Beach metro last year were for second homes. Next come Orlando, FL (4.1%), Riverside, CA (4%), New Brunswick, NJ (3.9%) and Tampa, FL (3.6%). Even though the share of second-home mortgages was largest in those places of all the major U.S. metros, they were still down at least 37% year over year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other end of the spectrum, second-home mortgages made up a miniscule share (about 0.5%) of total mortgages in Detroit, Montgomery County, PA, Oakland, CA, Cleveland and Dallas.\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"5\"><b>Metro-level summary: Mortgages for second homes, 2023<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\">50 most populous U.S. metros<\/span><\/i><\/td>\n<\/tr>\n<tr>\n<td><b>U.S. metro area\u00a0<\/b><\/td>\n<td><b>Second-home mortgage originations<\/b><\/td>\n<td><b>Second-home mortgage originations, YoY change<\/b><\/td>\n<td><b>Share of total mortgage originations that were for second homes<\/b><\/td>\n<td><b>Median value of second homes<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">444<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-36.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,335,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">734<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-45.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$435,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">388<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-62.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$495,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">222<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-45.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$515,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">428<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-43.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$805,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">454<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-42.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$445,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">448<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-48.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$365,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">181<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-41.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$325,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">119<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-39.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$225,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">212<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-41.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$420,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">447<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-45.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$485,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">514<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-36.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$675,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">73<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-32.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$245,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">679<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-47.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$445,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Worth, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">215<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-45.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$435,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1114<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-47.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$405,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">254<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-32.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$325,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">680<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-43.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$475,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Kansas City, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">206<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-31.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$335,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td><span style=\"font-weight: 400;\">877<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-49.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$455,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">512<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-51.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,305,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">602<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-46.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$715,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">145<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-45.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$355,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">393<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-38.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$420,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">91<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-32.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$510,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">394<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-51.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$510,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">600<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-43.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,725,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">858<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-45.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$885,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">865<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-53.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$985,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">280<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-37.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$375,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">99<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-50.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$995,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1483<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-36.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$445,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">124<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-50.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$355,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2001<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-46.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$535,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">181<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-38.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$285,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">258<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-50.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$605,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">363<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-31.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$775,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1566<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-47.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$655,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">455<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-48.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$805,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Antonio, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">438<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-51.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$335,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">411<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-45.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,115,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">112<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-57.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,355,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">69<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-35.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,300,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">239<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-53.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$795,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St. Louis, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">303<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-25.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$315,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1618<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-41.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$425,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">415<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-47.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$525,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Warren, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">281<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-32.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$325,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">436<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-46.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$655,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1081<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-37.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$635,000<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Methodology<\/h3>\n<p><span style=\"font-weight: 400;\">The 2023 data in this report is from a Redfin analysis of Home Mortgage Disclosure Act (HMDA) data covering purchases of second homes, primary homes and investment properties from 2018-2023. The term \u201cvacation home\u201d is used interchangeably with \u201csecond home\u201d in this report. For this report, the median \u201cworth\u201d or \u201cvalue\u201d of second homes is the median property value from HMDA data itself, which is reported by the mortgage loan originator as either the home\u2019s appraised value or sale price.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The 2024 data in this report is from a Redfin analysis of mortgage-rate lock data from real estate analytics firm <\/span><a href=\"https:\/\/www2.optimalblue.com\/\"><span style=\"font-weight: 400;\">Optimal Blue<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><span style=\"font-weight: 400;\">Redfin created a seasonally adjusted index of Optimal Blue\u2019s data to adjust for typical seasonal patterns and allow for simple comparisons of second-home demand before, during and after the pandemic. We define \u201cpre-pandemic\u201d as January and February 2020 and set the index for that period to 100. This data is subject to revision. A mortgage-rate lock is an agreement between a homebuyer and a lender that allows the homebuyer to lock in an interest rate on a mortgage for a certain period of time, offering protection against future interest-rate hikes. Homebuyers must specify whether they are applying to secure a mortgage rate for a primary home, a second home or an investment property. Roughly <\/span><a href=\"https:\/\/f.hubspotusercontent10.net\/hubfs\/4225469\/Daily-Briefing-Files\/111720-Daily-Market-Briefing.pdf?utm_campaign=DAILY%20BRIEFING%3A%20Mortgage%20Market%20Trends%20%26%20Rate%20Activity&amp;utm_medium=email&amp;_hsenc=p2ANqtz-_rJREAU041O7dLTCSSszK8thVgx5ZLbxG5gUSP3Lze1YmGVqPGf8qFS1a_J4OJT6bE92hQ0usjKIeSlZ79_9_KNdN5HA&amp;_hsmi=100118857&amp;utm_content=100118857&amp;utm_source=hs_email&amp;hsCtaTracking=dd6feab3-8164-4576-9814-7d1dcdea398c%7C32e55f2c-05c3-4f18-acdf-e0fec0b66c48\"><span style=\"font-weight: 400;\">80%<\/span><\/a> <span style=\"font-weight: 400;\">of mortgage-rate locks result in actual home purchases.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Demand for second-home mortgages fell twice as fast as mortgage demand for primary homes, as housing costs rose to new heights. An early look at this year&#8217;s data shows that demand for vacation homes hasn&#8217;t picked up in 2024; interest in second-home mortgages has been sitting near an 8-year low all year.\u00a0 Many of the [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":77935,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[20,623,80],"coauthors":[124],"class_list":["post-77932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-affordability","tag-national","tag-vacation-homes"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Demand For Vacation-Home Mortgages Fell 40% in 2023 As Housing Costs Rose to Record High<\/title>\n<meta name=\"description\" content=\"An early look at this year&#039;s data shows that demand for vacation homes hasn&#039;t picked up in 2024; interest in second-home mortgages has been sitting near an 8-year low all year.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/vacation-home-mortgages-decline-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Demand For Vacation-Home Mortgages Fell 40% in 2023 As Housing Costs Rose to Record High\" \/>\n<meta property=\"og:description\" content=\"An early look at this year&#039;s data shows that demand for vacation homes hasn&#039;t picked up in 2024; interest in second-home mortgages has been sitting near an 8-year low all year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/vacation-home-mortgages-decline-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-13T12:00:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/05\/marvin-meyer-cjhuXRtRT0Y-unsplash-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1707\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dana Anderson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dana Anderson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/vacation-home-mortgages-decline-2023\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/vacation-home-mortgages-decline-2023\\\/\"},\"author\":{\"name\":\"Dana Anderson\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/309385292bf91585d2e0a130b0a2566b\"},\"headline\":\"Demand For Vacation-Home Mortgages Fell 40% in 2023 As Housing Costs Rose to Record High\",\"datePublished\":\"2024-05-13T12:00:07+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/vacation-home-mortgages-decline-2023\\\/\"},\"wordCount\":1553,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/vacation-home-mortgages-decline-2023\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/marvin-meyer-cjhuXRtRT0Y-unsplash-scaled.jpg\",\"keywords\":[\"Housing Affordability\",\"national\",\"vacation homes\"],\"articleSection\":[\"Housing Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/vacation-home-mortgages-decline-2023\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/vacation-home-mortgages-decline-2023\\\/\",\"name\":\"Demand For Vacation-Home Mortgages Fell 40% in 2023 As Housing Costs Rose to Record High\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/vacation-home-mortgages-decline-2023\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/vacation-home-mortgages-decline-2023\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/marvin-meyer-cjhuXRtRT0Y-unsplash-scaled.jpg\",\"datePublished\":\"2024-05-13T12:00:07+00:00\",\"description\":\"An early look at this year's data shows that demand for vacation homes hasn't picked up in 2024; 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