When people dream of vacation homes, oftentimes they cut themselves off quickly, thinking they would never be able to afford one. However, new research by the National Association of REALTORS® shows that is probably not the case.
While vacation homes are obviously a big investment, they aren’t out of reach for those under the six-figure salary mark. According to NAR’s 2015 Investment and Vacation Home Buyers Survey, the median household income for those who own a vacation property is $94,380, only about $15,000 more than the median income for those who own their primary residence ($79,650). And if you thought buyers needed cash to buy, think again—70 percent of vacation homes purchased last year were financed with a mortgage.