Second Homes Decline, but Key Markets Retain Strong Presence
In 2023, the number of second homes in the U.S. dropped to 5.7 million, accounting for 4% of the nation’s housing stock, down from 7.15 million in 2020. According to NAHB, while the decline reflects changing market dynamics, Florida, California and New York remain key markets, with Florida alone holding 15.8% of the second homes total.
The market is not limited to traditional vacation areas, as several districts across 17 states reported at least 10% of their housing units as second homes.