Boomers, Economy Bolster 2nd-Home Market

By: Greg Burns: REALTOR® Magazine Online
Though the second-home market usually is the first to experience a downturn, experts say this niche will remain strong for at least the next decade.

David Berson, Fannie Mae chief economist, says the strong economy and the massive number of baby boomers entering their prime years for buying a second home will bolster the market over the next 10 years or more.

According to Loyola University demographer Kenneth Johnson, baby boomers will continue to move to scenic, rural areas that are in close proximity to their jobs and primary residences in major cities.

Prices on the East and West coasts—particularly in Oceanside, Calif.; Pompano Beach, Fla.; and Beach Haven, N.J.—and in popular ski and resort areas continue to rise.