Supersplitters Own Three!

More and more U.S. families are opting for a self-described schizophrenic existence, which revolves around living in two or more homes at a time. The term “splitter” is used to differentiate an emerging profile of second-home owners from the more traditional “snowbirds” who tend to divide their time seasonally.

It is estimated by the National Association of Realtors that there are about 44 million second homes, about 7 million private vacation homes, and 37 million investment units.

As a result of a revival of interest in timeshares and the creation of so-called fractional ownership of vacation properties, some homeowners even have a third place. Such changes, coupled with the fact that one-fifth of all households take home 50% of all the money in the U.S., have the potential to move multi-home ownership beyond the confines of the super rich and into the ranks of the “economically comfortable.”

The biggest driver of third-home ownership has been the record-low mortgage-interest rates, coupled with a growing affinity for real estate as a long term investment. Baby-boomers who are not only in their peak earning years, but also flush with equity from their primary residences (purchased decades ago), are looking for a place to put it.

Technology plays a role too, as expanded air routes have put more vacation destinations within reach and telecommuting makes it possible to stretch regular weekends into three- and four-day weekends.