International tourism is a major economic driver for the United States, but the country's recovery has been uneven. While travel exports have returned to roughly their pre-pandemic dollar value, inflation-adjusted spending and overseas arrivals remain below 2019 levels. Researchers at Luxury Link analyzed the latest U.S. Department of Commerce data to identify which cities and states attract the most international tourists—and where overseas travel is growing or declining.

International tourism is a major economic driver for the United States, but the country's recovery has been uneven. While travel exports have returned to roughly their pre-pandemic dollar value, inflation-adjusted spending and overseas arrivals remain below 2019 levels. Researchers at Luxury Link analyzed the latest U.S. Department of Commerce data to identify which cities and states attract the most international tourists—and where overseas travel is growing or declining.

The pandemic-era vacation-home boom appears to be unraveling. A new analysis found that U.S. vacation-home purchases financed with a mortgage fell 65.8% between 2021 and 2025, dropping from 257,549 purchases to just 88,158 nationwide. Because vacation homes are typically discretionary purchases, the category can also act as a leading indicator for broader economic conditions. Sharp declines in second-home buying may reflect changing consumer confidence, affordability pressures, and reduced financial flexibility—even among higher-income households that traditionally drive resort and leisure real estate markets. The report examines where second-home demand has declined the most across the country, ranking states and metro areas based on the change in vacation-home mortgage originations since the height of the pandemic housing boom.

The pandemic-era vacation-home boom appears to be unraveling. A new analysis found that U.S. vacation-home purchases financed with a mortgage fell 65.8% between 2021 and 2025, dropping from 257,549 purchases to just 88,158 nationwide. Because vacation homes are typically discretionary purchases, the category can also act as a leading indicator for broader economic conditions. Sharp declines in second-home buying may reflect changing consumer confidence, affordability pressures, and reduced financial flexibility—even among higher-income households that traditionally drive resort and leisure real estate markets. The report examines where second-home demand has declined the most across the country, ranking states and metro areas based on the change in vacation-home mortgage originations since the height of the pandemic housing boom.