The Wealthy Continue to Buy Vacation Homes

Forty percent of wealthy respondents, defined as those with incomes of $500,000 or more, said they plan to buy real estate over the next year. They are mainly looking for leisure properties:

• 1/3 plan to buy a vacation home
• 1/4 plan to buy a third home

The most obvious explanation: the wealthy are not as affected by the economic downturn. In fact, the super high-end of the real-estate market (properties that cost $20 million or more) is the least affected by the mortgage crisis.

Source: Harrison Group, April 2008