Hawaii? Nope. California? Nope. Florida? Nope. Where is the hottest second home market in the U.S.? Ocean City, New Jersey.
According to an analysis of second home purchases by SmartAsset, Ocean City rose to the top of the list thanks to a whopping 79.38 percent of its mortgages were for secondary residences. The coastal town has 2,865 mortgages for second homes and 744 for primary residences.
For comparison’s sake, the next closest city on the list, Salisbury, Maryland, had 54 percent of its mortgages going to second homes.
And areas you’d think might be at the top like Destin, Florida or Kahului-Wailuku-Lahaina, Hawaii had a mere 53 percent and 45 percent, respectively.
“To complete our rankings, we compared two metrics: the total number of home purchases and the number of home purchases made for non-primary residences,” SmartAsset said.
How did Texas fare? Who else made the list? Head over to SecondShelters.com to find out.
