Homes Away From Home: Cities With the Most Vacation Property Mortgages

In 2025, U.S. mortgage lenders originated about 93,000 loans for second homes, a 3.9% increase from 2024. New York led with 2,706 loans, followed by Phoenix, Miami, North Port, and Riverside. Median second-home values rose 25.3% to $495,000, while median borrower income increased 40.1% to $255,000. Nearly all loans (99.89%) were conventional, reflecting stricter financing options and higher costs for second homes.