Insights from Survey of Second Homeowners and Recent Movers

Survey of Second Homeowners Survey of Recent Movers Results

Backgroud Developed a single survey for second homeowners and recent movers that allowed us to filter based on scenario Wanted to understand reasons for being in the Berkshires, how they use their property, and plans for the future. Combined survey for second homeowners and recent movers (13,892 unique addresses) Used out of town homeowners from assessors (8,808 unique addresses) Residential transactions from Berkshire REALTORS from January 2020 April 29, 2022 (5,084 unique addresses) May/June 2022 70 questions that could be filtered 1,115 responses 731 second homeowners (8.3%) 377 recent movers (7.4%)

Second Homeowner Results WHO WHEN DID YOU PURCHASE YOUR HOME Primarily wealthy, educated, whites from major urban areas, primarily New York City How long (in years) have you or your spouse/partner owned your Berkshire County property? 30.0% What year were you born? What year were you born? 25.0% 40% 35% 20.0% 30% 25% 15.0% 20% 15% 10.0% 10% 5% 5.0% 0% Before 1940 1940-1949 1950-1959 1960-1969 1970-1979 1980-1989 1990-1999 2000 and later 0.0% 0-2 2-5 6-10 11-15 16-20 20+

Second Homeowner Results COST OF THE HOUSE What was the purchase price of your Berkshire What was the purchase price of your Berkshire County property? County property? Purchase Price and Year Purchased Comparison Purchase Price and Year Purchased Comparison 350 35% 300 30% 250 25% 200 20% 150 15% 100 10% 50 5% 0 Pre 1950 1950-1974 1975-1999 2000-2019 2020+ 0% $0 - $199,999 $200,000 - $299,999 $300,000 - $399,999 $400,000 - $499,999 $0 - $200,000 - $299,999 $300,000 - $399,999 $400,000 - $499,999 $500,000 - $749,999 $750,000 - $1,000,000 $1,000,000 or more $500,000 - $749,999 $750,000 - $1,000,000 $1,000,000 or more $199,999

Second Homeowner Results PANDEMIC Which of the following best applies to the use of your Which of the following best applies to the use of your Berkshire County property due to the circumstances Berkshire County property due to the circumstances of the pandemic? of the pandemic? Did you rent out your Berkshire County property at any time during the pandemic (March 2020 present) or during the previous five years? 50% 60% 45% Yes, as a year-round rental 40% 50% 35% Yes, as a month-to-month rental in the off-season 30% 40% 25% Yes, as a weekly or nightly rental in the off-season 20% 30% 15% Yes, as a month-to-month rental during the high season 10% 5% 20% Yes, as a weekly or nightly rental during the high season 0% I have spent more time at my Berkshire County property than in previous years I have spent more time at my Berkshire County property than at my primary residence I began living in my Berkshire County property full-time I have allowed friends and acquaintances to stay at my Berkshire County property for extended periods of time The pandemic has not affected use of my Berkshire County property Other (please specify) 10% No, I don't rent my Berkshire County property 0% During the Pandemic Over the previous 5-years

Second Homeowner Results USE OF YOUR HOME Which of the following most accurately reflects your past and anticipated use of your Berkshire County Which of the following most accurately reflects your past and anticipated use of your Berkshire County property? property? Use as my primary residence 90% Convert to my primary residence 80% Use only as a second home for personal/family use 70% Use only as a seasonal/short-term rental for others 60% Use only as a year-round rental for others 50% Use as both a seasonal/part-time rental and second home for personal/family use Hand down to a family member 40% 30% Sell and move to a property outside Berkshire County 20% Sell and purchase another property in Berkshire County 10% NA 0% During the pandemic Over the next year In 5 years In 20 years

Second Homeowner Results EMPLOYMENT What is your current employment status? What is your current employment status? What best describes your employer's location? What best describes your employer's location? 50% 80% 45% 70% 40% 60% 35% 30% 50% 25% 40% 20% 30% 15% 10% 20% 5% 10% 0% Employed Employed part- time Unemployed Furloughed Retired Otherwise out of the workforce (e.g. student, stay at home parent, etc.) 0% I work for an employer outside of Berkshire County I work for an employer in Berkshire County I am self-employed Not applicable

Second Homeowner Survey TAKEAWAYS Second homeowners spent more time in their Berkshire home during the pandemic than previously, with some making it their primary home; however, most have returned to their previous patterns and their Berkshire home is not their primary home. Some second homeowners plan to convert their second home to their primary home in the coming years, but only in 20 years will it approach the rate of the pandemic. Second homeowners are split between being employed and being retired, with those still employed having a larger percentage of self-employed than the county or state.

What was your annual household income (before taxes) in 2021? Recent Movers Results WHO 35% 30% 25% 20% 15% 10% 5% 0% Recent home purchasers are wealthy, educated whites, with an average age of around 55 $24,999 or less $25,000 - $49,999 $50,000 - $74,999 $75,000 - $99,999 $100,000 - $149,000 $150,000 - $199,999 $200,000 - $249,999 $250,000 or more 25% came from within Berkshire County. Those outside the county came predominantly from the greater New York City area or elsewhere in Massachusetts. Which of the following best describes your resident status for your Berkshire County property? 60% The majority of respondents from outside of the county are part-time residents 50% 40% 30% 20% 10% 0% Year-round resident Part-time resident Non-resident investor Other (please specify)

Recent Movers Results USE OF PROPERTY Which of the following most accurately reflects your past and anticipated use of your Berkshire County property? Use as my primary residence 60% Convert to my primary residence 50% Use only as a second home for personal/family use Use only as a seasonal/short-term rental for others 40% Use only as a year-round rental for others 30% Use as both a seasonal/part-time rental and second home for personal/family use Hand down to a family member 20% Sell and move to a property outside Berkshire County Sell and purchase another property in Berkshire County NA 10% 0% During the pandemic Over the next year In 5 years In 20 years

Recent Movers Results WHERE AND HOW MUCH Respondents who lived outside of Berkshire County had a higher percentage who bought their house for $400,000 or more, with fewer respondents purchasing it for less than $300,000. Respondents who lived outside the county before their recent purchase primarily purchased properties in the southern half of the county In which town in Berkshire County is your property located? What was the purchase price of your Berkshire County property? 18% 25% 16% 14% 12% 20% 10% 8% 6% 15% 4% 2% 0% 10% Hinsdale Dalton Lee Clarksburg Florida Hancock Washington Windsor Adams Lanesborough Pittsfield Tyringham New Ashford Sandisfield Savoy Alford Becket Cheshire New Marlborough Otis Peru Egremont Lenox Monterey West Stockbridge North Adams Richmond Stockbridge Mount Washington Sheffield Williamstown Great Barrington 5% 0% $0 - $200,000 - $299,999 $300,000 - $399,999 $400,000 - $499,999 $500,000 - $749,999 $750,000 - $1,000,000 $1,000,000 or more $199,999

Recent Movers Results PANDEMIC IMPACT We know the pandemic affected many people's home purchasing choices. Which of the following best applies to your recent decision to purchase property in Berkshire County? 60% 50% 40% 30% 20% 10% 0% I had not previously considered purchasing property (or additional property) in Berkshire County, but the pandemic influenced my decision to purchase property here in the last two year I had considered purchasing property (or additional property) in Berkshire County prior to the pandemic, but the circumstances of the pandemic influenced my decision to purchase property here in the last two years The pandemic did not influence my decision to purchase property in Berkshire County I am unsure whether the pandemic influenced my decision to purchase property in Berkshire County in the last two years

Recent Movers Results WHY DID YOU PURCHASE YOUR PROPERTY? How important were the following factors in deciding to purchase property in Berkshire County specifically? (please select one box per row) 60% 50% 40% 30% 20% Extremely important 10% Very Important 0% Moderately important Slightly important Not at all important

Recent Movers Results EMPLOYMENT What is your current employment status? What best describes your employer's location? 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 0% 10% Employed Employed part-time Unemployed Furloughed Retired Otherwise out of the workforce (e.g. student, stay at home parent, etc.) 0% I work for an employer outside of Berkshire County I work for an employer in Berkshire County I am self- employed Not applicable

Recent Movers Results TAKEAWAYS Most in-county purchases were central/north county. Out of county purchasers were mostly south county. 2 out of 5 purchasers purchased their house because of the pandemic. Approximately 2/3rds of out of county purchasers use their house as a second home. Came for the environment and the culture, not the jobs, schools, or proximity to major cities. 2/3rds are still employed, but only 1/3 work for an in-county employer

Detailed Survey Results are online: Recent Movers https://berkshireplanning.org/reports/survey-of-recent-movers-2022/ Second Homeowners https://berkshireplanning.org/reports/survey-of-second-homeowners-2022/