Your SlideShare is downloading. ×
Seasonal Residents and Economic Development
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Seasonal Residents and Economic Development

120
views

Published on

The Central and West Central Minnesota Seasonal Resident Study profiles the demographic and social profile of second homeowners and estimates their impacts on nearby communities. The research finds …

The Central and West Central Minnesota Seasonal Resident Study profiles the demographic and social profile of second homeowners and estimates their impacts on nearby communities. The research finds that seasonal residents bring a wealth of talent and resources to Minnesota's lakes district and a majority plan on migrating to their second home permanently." Is that good?


0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
120
On Slideshare
0
From Embeds
0
Number of Embeds
1
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. © 2012 Regents of the University of Minnesota. All rights reserved. Seasonal Residents and Economic Development RYAN PESCH, EXTENSION EDUCATOR
  • 2. © 2012 Regents of the University of Minnesota. All rights reserved. SEASONAL RESIDENTS
  • 3. © 2012 Regents of the University of Minnesota. All rights reserved. PROFILE SECOND HOMEOWNERS IN MINNESOTA’S LAKES DISTRICT  30% seasonal  Methods – Random sample of prop tax records – Mailed survey (1,200) – $5 incentive – 573 responses (48%)
  • 4. © 2012 Regents of the University of Minnesota. All rights reserved. WHAT KIND OF PEOPLE OWN SECOND HOMES? 0 20 40 60 80 100 120 140 160 180 200 Less than 40 40-49 50-59 60-69 70 and over Respondents by Age Categories (n=561) 0 20 40 60 80 100 120 140 160 180 200 No HS diploma HS Diploma Some college Associate degree Bachelors degree Graduate degree Respondents by Education (n=565)
  • 5. © 2012 Regents of the University of Minnesota. All rights reserved. WHAT KIND OF PEOPLE OWN SECOND HOMES? Respondents by Employment Status (n=549) Employed Unemployed Retired 0 20 40 60 80 100 120 140 160 180 200 Respondents by HH Income (n=510) 53% of respondents have owned, operated, or played a significant management role in a business
  • 6. © 2012 Regents of the University of Minnesota. All rights reserved. WHAT KIND OF PEOPLE OWN SECOND HOMES? 25% of respondents report telecommuting from second home property 25% 35% 40% Quality of internet according to respondent who report telecommuting (n=134) Poor OK Good
  • 7. © 2012 Regents of the University of Minnesota. All rights reserved. PROPERTY OWNERSHIP 18% 17% 31% 34% When did you purchase your property? (n=561) 0 to 5 years 6 - 10 years 11 to 20 years Over 20 years
  • 8. © 2012 Regents of the University of Minnesota. All rights reserved. REASON FOR PURCHASE Natural Amenities 1% 2% 2% 4% 7% 8% 8% 8% 9% 15% 15% 23% 23% 24% 32% 33% 33% 48% 57% 63% 71% 0% 10% 20% 30% 40% 50% 60% 70% 80% Rental income Dispersed development Local living costs Lower taxes than other areas Security Other Climate Lower property costs than other areas Availability of properties No purchase / I inherited Investment potential Friendliness Intend to retire here Small town atmosphere Proximity to recreational amenities Proximity to family and/or friends Family has a long tie to area Water quality Scenic beauty Peaceful Property by the lake
  • 9. © 2012 Regents of the University of Minnesota. All rights reserved. SECOND HOME USE 1% 1% 3% 4% 20% 77% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% What is the current use of your property (n=570)
  • 10. © 2012 Regents of the University of Minnesota. All rights reserved. SECOND HOME USE 0 100 200 300 1 to 2 people 3 to 4 people 5 to 6 people Over 6 people How many typically occupy when in use? (n=517) Average of 4 people About 208,000 to 52,066 properties in 8 counties (Source: Census)
  • 11. © 2012 Regents of the University of Minnesota. All rights reserved. SECOND HOME USE 0 2 4 6 8 10 12 14 16 18 Average Days per Month 93 Days Total on Average
  • 12. © 2012 Regents of the University of Minnesota. All rights reserved. FUTURE PLANS 56% 17% 27% Do you plan to move permanently to second home? (n=569) Yes No Undecided 0 5 10 15 20 25 30 35 40 45 50 Next 12 months 1-5 years 6-10 years More than 10 No sure If yes, when? Over 200,000 seasonal recreation housing units in the state (US Census) relocation of about 120,000 households in next 10 years with 60% of seasonal residents relocating.
  • 13. © 2012 Regents of the University of Minnesota. All rights reserved. SEASONAL RESIDENT SPENDING Spending category Median Average Annual Spending based on Average Percentage of HH Spending in Second- home community Grocery/Liquor $ 64 $ 120 $ 1,434 89% Dining/Bars $ 40 $ 74 $ 882 85% Gas/Auto service $ 50 $ 74 $ 889 84% Pharmacy $ - $ 11 $ 132 18% Home maintenance $ 50 $ 95 $ 1,139 81% Entertainment/Rec $ 34 $ 75 $ 897 81% Building/Remodeling $ 400 $ 1,066 $ 12,794 59% $ 18,167 Average of $18,167 Est of $946 million from 52,066 properties in 8 counties (Source: Census)
  • 14. © 2012 Regents of the University of Minnesota. All rights reserved. VIEWS ON DEVELOPMENT 51%, 17%, 32%, I would like to see more retail and commercial development Disagree Don't Know Agree 29% 20% 50% Additional residential development threatens the quality of life Disagree Don't Know Agree
  • 15. © 2012 Regents of the University of Minnesota. All rights reserved. COMMUNITY ATTACHMENT I feel strongly attached to my second home property Disagree Don't Know Agree I feel strongly attached to the community near my second home Disagree Don't Know Agree
  • 16. © 2012 Regents of the University of Minnesota. All rights reserved. COMMUNITY CONNECTIONS 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Held public office Held leadership Volunteered in comm org Involved in community org Made donation Community Connection by Residence (n=522) In 2nd home Would consider At home
  • 17. © 2012 Regents of the University of Minnesota. All rights reserved. COMMUNICATIONS 0 50 100 150 200 250 300 350 How do you learn about news and events? (n=559) Typical Prefer
  • 18. © 2012 Regents of the University of Minnesota. All rights reserved. CONVERSATION  What has been the experience of your community with seasonal residents?  How best to integrate seasonal residents?
  • 19. © 2012 Regents of the University of Minnesota. All rights reserved. The University of Minnesota is an equal opportunity educator and employer. This PowerPoint is available in alternative formats upon request. Direct requests to 612-625-8233. Thanks pesch@umn.edu 218-770-4398