Yesterday the Wall Street Journal published a study which found that the average vacation home buyer travels up to about 300 miles between their primary and secondary residence. Reasons include the obvious ones like ease of access, but also so the property can be more easily shared with friends from their home town or maintained as a rental. The story cites Home Away, Inc., whose own research finds that 91 percent of vacation home owners rent it out when its not in use.
For the curious (and for fun), I plotted this map highlighting a 300 mile radius of metro Phoenix. I suspect we will continue seeing Los Angeles and San Diego buyers picking up luxurious homes at an incredible value – especially compared to California’s prices.