Hottest luxury vacation home hideaways for rich Americans
August 12, 2020
The pandemic caused many rich Americans to leave cities and head to popular vacation spots.
Wealthy property owners have largely fled major metropolitan areas during the coronavirus pandemic to take shelter at vacation homes in less populated areas.
New York City, for example, where the virus was widespread in the early spring, saw an exodus of residents to nearby suburbs – which drove up searches for pricey second homes.
As previously reported by FOX Business, searches for million-dollar homes rose by 7.3% year over year in May, outpacing pre-pandemic growth. That compares with April when the same queries were down nearly 10% compared with the year prior.
The migration from densely populated urban areas to the suburbs was largely driven by the need for private property and space.