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Whether it’s a cozy cabin in the mountains, a beachfront condo or a lakeside retreat, owning a second property gives families the freedom to escape the hustle and bustle of everyday life and create lasting memories in a space that’s all their own.
Approximately 6.5 million homes in the U.S. serve as second homes, accounting for 4.6% of the total housing stock, according to the National Association of Home Builders (NAHB). They’re often used for vacations, weekend getaways or future retirement, and some owners rent them out to generate passive income.
Primary residences have fewer qualification restrictions compared to owning a second home. For primary homes, you can qualify for some mortgages with as little as no down payment or upfront costs. For second homes, you’ll need to prove financial security, and that might come with a larger down payment.
Repeat buyers tend to put down significantly more than first-time buyers, according to the National Association of REALTORS® (NAR). The average down payment for first-time buyers was 9% in 2024, while repeat buyers put down an average of 23%. In fact, about one-third of repeat buyers skipped financing altogether and purchased their second homes with all cash.