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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.

  • Updated

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.

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How will the world end? As a second-grader in the 1950s, Miss Mott would have us go out into the hallway with our jackets, get on our knees, p…

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Seven in 10 Americans think the economy is “poor” or “only fair,” but why? When people run low on soup and beer, they get angry.