When your second home is your first home
Source: NY Times
A growing number of first-time buyers are purchasing a second home while renting their main residence. Industry observers say a combination of rising home prices and work-from-home flexibility has prompted some hopeful homeowners to skip owning a primary home and go straight to buying a second home in a more affordable location.
Vacation home purchases in general boomed during the pandemic. In 2020, loan applications for vacation homes were up 30 percent from 2019, according to the most recently available data from the Home Mortgage Disclosure Act.