Shopping for a second home? SLO has one of hottest markets in nation, study says
Shopping for a second home?
The San Luis Obispo area has one of the hottest markets in the country for those seeking secondary housing, according to a new study by financial advice site SmartAsset.
The San Luis Obispo-Paso Robles metro area ranked 25th out of 404 metro areas in terms of second home ownership in 2021, the SmartAsset study found, with 28.25% of all mortgages approved in 2021 being signed for secondary residences.
Out of the 4,361 mortgages approved in 2021 in the San Luis Obispo-Paso Robles metro area, 1,232 were approved for secondary residences, the study said.
That put the region ahead of all other California metro area.
According to the study, only Napa came close with a secondary home mortgage rate of 22.35%, putting it in 39th place.
The study sourced its data from the federal Consumer Financial Protection Bureau’s Home Mortgage Disclosure Act Database.
SmartAsset used that database to divide the number of secondary mortgages by the number of mortgages approved for each metro area to determine the rate.
San Luis Obispo County infamously has a low stock of available homes, which have led to increases financial pressures on its residents in recent years.
This story was originally published March 31, 2023 at 9:00 AM.
