The choice to take on another property calls for careful deliberation, and each step of buying a second house is very intentional. Knowing the most desirable locations for second homes can help builders better understand the housing market and position them to be there for their client's next big purchase. SmartAsset ranked the top 10 secondary home markets in the country based on the number of mortgages for a secondary residence and the total number of mortgages approved in 2018. See if your city made the list, or find a trendy city to use while pitching the value of a second home to potential buyers.
Taking out a mortgage is a big decision, especially if it’s for a secondary property. You’ll have to take into account factors like property taxes, timely mortgage payments and other housing costs. However, if you’re ready for another investment, you might find yourself wondering where to look next. That’s why SmartAsset uncovered the most popular markets in the country for mortgages on secondary properties.
To find the hottest secondary home markets in the U.S., we compared data for 400 metro areas across two metrics: number of mortgages for secondary residences and total number of mortgages approved in 2018. For details on our data sources and how we put all the information together to create our final rankings, check out the Data and Methodology section below.
This is SmartAsset’s third study on the hottest secondary home markets in the country. Check out the 2019 version here.