The Cape Cod Commission recently released their second study of the impact of second homes on the Cape Cod economy. The survey was completed by over 1,293 randomly selected second homeowners, providing one of the most complete pictures of how second homeowners look and act ever collected. Since second homeowners occupy nearly 40% of all Barnstable County residential units, the impact that these homeowners have on the real estate market, non-profit industry, environment and overall economy of the Cape is significant. Some of the most interesting statistics from the report are:
- 71% did not rent their home in the last 5 years
- Second home owners on the Upper and Mid Cape rent their homes to more people and for more days than those on the Lower and Outer Cape
- 76% utilized on-Cape vendors for construction services on their property
- 73% purchased their home / land; only 15% inherited the land or the home.
- The average age of a second homeowner was 65, up from 61 in the 2008 report
- 74% of second homes lack deeded beach access
- 75% participate in Cape arts, culture, nonprofits and charitable organizations, with higher rates on the Lower and Outer Cape
- 95% purchase groceries, garden and building supplies on Cape for their second home
- More than half of survey respondents live year-round in Massachusetts
The Commission’s report is rich with more detailed data on second homeowners. As second homeowners continue to age and retire (19% plan to retire on-Cape full time), the market will continue to change and evolve, creating new and different opportunities for second home and year-round homeowners.