San Miguel de Allende Rentals; an overwhelming second home.
Imagine living where you can keep the car in the garage and enjoy walking on beautiful streets of Spanish colonial architecture. Where every day brings sunshine without extreme heat or humidity, as San Miguel is famous for its temperate climate, hovering around the mid-70’s to mid-80’s. A place where Northerners pass with a smile and friendly greeting on their way to art, music or language classes, or to lunch in one of many shaded courtyard restaurants.
For Baby Boomers some of their parents, there's no place like a second home. In fact, one of the hottest segments in real estate is second-home development, in which well-appointed occasional-use or vacation residences typically sell for $300,000 to $1,000,000.
Based on our estimate of more than 6 million second homes in this country, spending on these residences exceeds $19 billion a year (a 46 percent increase from 1995). And that total doesn't include the initial costs of buying and furnishing the home. Over the next decade or so, because many Baby Boomers (now 39 to 57 years old) will enter the prime life stage for buying a second home, the high growth rate in spending on such real estate should continue.
The growth rate of San Miguel de Allende Rentals is now about 5 percent per year, up from less than 2 percent per year in the 1990s. The increase is nearly keeping pace with the Boomer-driven growth in households headed by 55- to 64-year-olds, the age cohort most likely to purchase such a residence. Most second-home buyers today are high-income, high-asset, middle-age or older couples, who have children nearing adulthood or have no children living at home.
Despite the expense of San Miguel de Allende Rentals as a second home, these second-home owners are about 5 percent less likely than people who own one residence to have a mortgage on their primary dwelling. Casas San Miguelito, as a distinguished San Miguel de Allende Rentals ; has announced that its clients are more than half (51 percent) of second-home owners graduated from college, compared with a third (34 percent) of single-home owners. One in five second-home owners (17 percent) earned an advanced degree. It should therefore come as no surprise that they are strong earners: Their annual income averages $83,600, versus less than $43,800 a year for those who own just one home.
Second-home owners spend far above average on hiring someone to care for their properties. People with two homes spend, on average, five times as much as those with one home on, among other things, lawn care, home security, pest control and housecleaning.
The Baby Boomer Generation is realizing the advantages of owning a San Miguel de Allende Rentals as second home!
For Baby Boomers some of their parents, there's no place like a second home. In fact, one of the hottest segments in real estate is second-home development, in which well-appointed occasional-use or vacation residences typically sell for $300,000 to $1,000,000.
Based on our estimate of more than 6 million second homes in this country, spending on these residences exceeds $19 billion a year (a 46 percent increase from 1995). And that total doesn't include the initial costs of buying and furnishing the home. Over the next decade or so, because many Baby Boomers (now 39 to 57 years old) will enter the prime life stage for buying a second home, the high growth rate in spending on such real estate should continue.
The growth rate of San Miguel de Allende Rentals is now about 5 percent per year, up from less than 2 percent per year in the 1990s. The increase is nearly keeping pace with the Boomer-driven growth in households headed by 55- to 64-year-olds, the age cohort most likely to purchase such a residence. Most second-home buyers today are high-income, high-asset, middle-age or older couples, who have children nearing adulthood or have no children living at home.
Despite the expense of San Miguel de Allende Rentals as a second home, these second-home owners are about 5 percent less likely than people who own one residence to have a mortgage on their primary dwelling. Casas San Miguelito, as a distinguished San Miguel de Allende Rentals ; has announced that its clients are more than half (51 percent) of second-home owners graduated from college, compared with a third (34 percent) of single-home owners. One in five second-home owners (17 percent) earned an advanced degree. It should therefore come as no surprise that they are strong earners: Their annual income averages $83,600, versus less than $43,800 a year for those who own just one home.
Second-home owners spend far above average on hiring someone to care for their properties. People with two homes spend, on average, five times as much as those with one home on, among other things, lawn care, home security, pest control and housecleaning.
The Baby Boomer Generation is realizing the advantages of owning a San Miguel de Allende Rentals as second home!
