Buying A Vacation Home: Post 50s Seek Proximity

Retirees are ditching far-away vacation rentals and exotic retirement getaways and opting to buy closer to home, according to a recent study by the National Association of Realtors.

Once dominated by young families, the vacation home market is greying. The study showed the average age of vacation home buyers was 50, and the average distance of the home from the buyer's permanent residence was 305 miles.

The reason for the proximity? One-third of buyers said they planned to use their vacation home as a primary residence in the future. “People started seeing vacation homes as an option for retirement,” said Jon Gray, vice president of HomeAway.com, a web site that matches homeowners with vacation renters. In addition, more people are buying vacation homes ahead of retirement and renting them out for several years before moving in themselves. In a separate finding of the same NAR study, 11 percent of survey respondents said they would buy a vacation home for their eventual retirement.

Besides saving money on airfare, according to Gray, post 50s are seeking vacation homes closer to their network of friends and family, and for ease of access. If you’re thinking of buying a vacation home and renting it out some of the time, it pays to find a location popular with renters. HomeAway.com recently released its top 10 vacation locations between Memorial Day and Labor Day, based on a poll of 3,200 travelers conducted between late March and early April. Check out the slideshow below for HomeAway's top vacation locations.

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Comments

[Dorthy Packer]

04:24 PM on 05/14/2013

Thank you for sharing this article on buying a vacation home. What is the price like for a 4 bedroom vacation home in Orlando? I'd appreciate your help! We are trying to find a place to stay for our trip to Orlando this summer. Thanks!

[concepttravels]

01:04 PM on 12/02/2012

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[sydney251]

11:23 PM on 05/28/2012

No mention of inland destinations. What about states of Wisconsin, Minnesota, Michigan with their multitudes of lakes? How about maybe something toward the middle like Kentucky, Tennessee or Arkansas? Don't forget about Upstate New York, New Hampshire and Vermont. This country is so so broad and massive in what it has to offer, don't limit yourself to just the coasts. Not everyone is afraid of the cold and snow and autumn in many locales is breath-taking. While I might visit some of the places shown, none would be on my radar for a spot that I'd consider for retirement. I know I can't be alone in this.

[alisonbarton1]

12:57 PM on 05/23/2012

Here in the UK there was a fad for retirees to move to a warmer climate, France Spain even the channel Islands(in the English channel) but now with the current recession and health benefits here in the UK and pension problems its increasingly popular to stay in the UK. I don;t think we should go so far from our roots wherever they are especially as we get older. If we look around we can find the right place closer to our well defined support networks My original idea was to retire to France but I choose a much better place http://heyhoneyigotanidea.blogspot.co.uk/2012/05/france-was-original-idea.html

[ArtsyJane]

10:40 AM on 05/09/2012

Southwestern France is more like it.

[KIVPossum]

02:59 AM on 05/09/2012

Not a one of those locations interest me a bit

[gecota]

09:10 PM on 05/08/2012

I've priced homes along a few of these beaches. Who is the intended audience of this story?? Certainly not my checkbook!

[1canview]

08:45 PM on 05/08/2012

Check out Vancouver Island. A two hour ferry ride from the City of Vancouver. Beautiful beaches, deep forests, great fishing, lots of lakes, majestic mountains, wild life, hiking trails, good restaurants. Canada's secret. And hardly any snow in the winter.

[freeeeebee]

06:32 AM on 06/02/2012

Only prob is most are thinking of beaches they don't have to wear a coat on. Vancouver is colder than seattle, and that's already too cold for most beach seekers.

[RhiannonRings]

08:10 PM on 05/08/2012

If I had the money and had to buy a vacation home it would be on Kauai's north shore.

[NWinTweener]

08:02 PM on 05/08/2012

Sorry to bust your bubble, but the Oregon and Washington Coasts offer 100 times the peace tranquility and solitude of a Miami Beach or a Las Vegas, but Shhhhh keep it to yourselves

[Kellybelle22]

08:38 AM on 05/09/2012

Agreed wholly! Far more appealing, too, from a climate and idealogical perspective as well.

Are there still places in the Pacific NW where vacation places on the coast are reasonably priced?

[Exfl]

07:37 PM on 05/08/2012

Seaside FL, Pawley's Island SC Maggie Valley NC

[obe4]

07:25 PM on 05/08/2012

Who comes up with these list ?

[JohnQpublic81]

07:15 PM on 05/08/2012

Folly Beach is great. Charleston has gone to great lengths to protect it's self from being overrun by Commercial properties. Isle of Palms is also great, but Folly definitely has better bars.

[vesaversa1]

06:45 PM on 05/08/2012

But who in this country can afford to buy a vacation home except the wealthy 1% ? I see the wealthy 1% all the time on tevee buying the 200.000 dollar classic cars . But funny i haven't seen that show of late wonder what happen to it .

[Mochilero]

06:33 PM on 05/08/2012

Houses are black holes for time, energy and money. Although i prefer a backpack, i do consider renting at times.