Wealthy Still Shopping for Vacation HomesMay 16, 2008
Last month the Harrison Group, a Connecticut-based marketing and consulting firm, conducted an Internet survey of 638 respondents with incomes of $100,000 or more. The company broke the group of respondents into four categories, ranging from “Upper Middle Class” (incomes of between $100,000 and $149,000, 123 respondents) to “Wealthy” (incomes of $500,000 or more, 119 respondents).
The survey found that more than three-quarters of respondents believed the U.S. was in a recession. The wealthy were the most pessimistic, with 81% agreeing that we’re in recession.
Yet the wealthy were also the most cheery about the real estate market. Of wealthy respondents, 40% said they plan to buy real estate over the next year. That compares with only 17% for the Upper Middle Class.
The rich who plan to buy homes are mainly looking for leisure properties. One-third plan to buy a vacation home, while about a quarter plan to buy third homes.
Wall Street Journal , May 2 2008