A survey of the wealthiest 10 percent of Americans shows that they are less inclined to buy a second home now than they were when the stock market was cooler and real estate was hotter.

In the spring of 2005, when the real estate market was at its most torrid, 6.3 percent of people with an average net worth of $3.1 million said they intended to buy a second home, according to a report from the American Affluence Research Center.
By March of this year, with the slowing real estate market and a more attractive stock market, about 4 percent said they were seriously considering buying an existing second home in the next year. About 1.9 percent said they were interested in building a second home, down from 4.2 percent in Spring 2005, but up from 1 percent last fall.

Researcher Ron Kurtz says he thinks the declining interest in second home ownership stems from both competition from the stock market and a desire to get the best deal as home values trend downward.

— REALTOR® Magazine Online

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