American families are exploring unique destinations across the United States and around the world when it comes to their vacations these days. Hotels are not the only choice (besides the back bedroom at grandma’s house) where families can stay.
Vacation homes are increasingly becoming more popular, and more valued by families, especially when several children are involved.
A survey was conducted online in June 2014 by the Harris Poll on behalf of Inspirato with American Express, a private membership club that offers a collection of luxury vacation homes in the United States, the Caribbean, Mexico and Europe.
The survey found that families are the heaviest users of rental vacation homes. This year, 56 percent of all vacation home renters were families. While it may cost more per night, families are increasingly finding the amenities in a vacation home to be worth the cost.
Having privacy was the most important amenity to a whopping 93% of those surveyed who travel with their families. Being able to have the space to spread out was important to 83% of the group, and 82% valued the ability to stay with extended family, friends and children under one roof.
These three items top the list for why families are choosing to spend more time in a vacation home when traveling.
In an email interview Brian Corbett, Founder and Chief Experience Officer at Inspirato, said that one reason for the uptick in families using vacation homes comes from an increase in “intergenerational” travel.
“Living away from your extended family has increasingly become the norm but people still value having close relationships with their family and want their kids to know their grandparents, aunts and uncles, and cousins. Vacationing together is a great way to keep those bonds strong and is something we’ve seen our members doing more and more of.”
When asked why families are increasingly choosing Inspirato properties, Mr. Corbett replied, “Inspirato’s Signature Residences are perfect for family travel because they offer the best of both worlds: all the space and convenience of a private vacation home, combined with the amenities and services of a high-end resort.”
Most of Inspirato’s properties are multi-million dollar homes, many of which sit inside the gates of some the world’s best resorts, so the cost for a vacation like this could be quite high.
However, for families who typically book a suite or several rooms in a hotel to accommodate everyone, there may not be that much price difference, especially when they take into account money saved by having a full kitchen (and chef).
Families are not just renting vacation homes, either. They are buying them!
According to the National Association of Realtors, there was a 30% rise last year in the sale of vacation homes. However, while owning a second home seems like a terrific idea, ownership and upkeep can be expensive.
Experts recommend only splurging on buying a second home if the cost of both the primary and secondary homes and all related expenses is less than 30% of one’s total income.
Whether buying or renting a vacation home, families see the value in using them. They want to actually “vacation” on their vacation and these properties are letting them do just that. Family travel is definitely getting posh!
Sources:
Email interview with Brian Corbett. 21 August 2014.
Inspirato.com. Web. 20 August 2014. “Families heaviest users of vacation home rentals this year and the most likely to value the unique benefits of vacation homes, according to Harris Poll/Inspirato with American Express survey”.
https://www.inspirato.com/company/press-room/press-releases-detail/2014-8-20
Bloomberg.com. Web. 13 August 2014. “Bought a new vacation home? I’m so sorry.”
http://www.bloomberg.com/news/2014-08-13/bought-a-new-vacation-home-i-m-so-sorry-.html
Edited by Jody Smith