Masters in Business At The Money: Buying a Vacation Home with Jonathan Miller
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Jun 18, 2025 Jonathan Miller, President of Miller Samuel and expert in luxury and vacation properties, shares insights on buying vacation homes. He discusses the surge in second home purchases post-pandemic and how regional variations affect pricing and supply, particularly in hotspots like Southern Florida. Miller highlights the impact of rising mortgage rates on younger buyers and offers practical tips for navigating the market, including using real estate apps and collaborating with local experts to secure your dream getaway.
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Second Home Market Normalization
- Second home purchases boomed during the pandemic but then dropped sharply.
- The market has since normalized to pre-pandemic levels from seven to eight years ago.
Location Matters for Supply
- Supply increases vary widely by location, even within the same state like Florida.
- Some counties like Miami-Dade see rising supply while others like Palm Beach see declining inventory.
Rising Homeownership Costs Nationwide
- Homeownership costs beyond mortgage interest, such as insurance and taxes, have sharply increased.
- Insurance costs relative to home prices are highest in the Midwest due to lower housing prices there.