Why Americans Are Embracing Shared Ownership of Second Homes

Shared Splendor: Pacaso’s Survey Reveals the Mainstreaming of Co-Owned Luxury Homes in America

The American dream of owning a second home is undergoing a profound evolution. Once the preserve of the ultra-wealthy—or of families willing to shoulder decades of debt and the never-ending hassle of upkeep—vacation home ownership is now being redefined for the modern era. A new survey commissioned by Pacaso, the tech-enabled marketplace for co-owned luxury vacation homes, and conducted by Pollfish in July 2025, reveals that shared equity ownership is no longer a fringe idea. It is rapidly moving into the mainstream.

According to Pacaso’s findings, 80% of U.S. adults consider professionally managed co-ownership of a vacation home attractive, while over 75% say shared costs would make them more likely to move from browsing to buying. That appetite underscores a broader cultural shift: Zillow’s 2024 Consumer Housing Trends Report had already identified that 63% of recent buyers co-purchased their primary home. What was once a workaround has become an expectation—Americans are rethinking the very mechanics of homeownership.

“The 30-year mortgage gained popularity when the microwave, LP record and cable TV were brand new,” remarked Pacaso co-founder and CEO Austin Allison. “It hasn’t kept up with the way people actually live. Buyers today want optionality—multiple homes, less debt, and financing that fits modern lifestyles. That’s the future we’re building toward.”

The Allure of Smarter Luxury

The survey paints a clear picture: Americans crave a more flexible, turnkey, and financially manageable path to luxury living. Among the highlights:

Mainstream appeal: Four in five adults are interested in fractional ownership of fully furnished, professionally managed homes.

Price unlock: 64% would consider purchasing a second home if they could split the cost rather than bearing it alone.

Validation: 68% of U.S. adults favor Pacaso’s model—a higher endorsement than the co-buying rate of primary residences in Zillow’s 2024 study.

Cross-generational demand: Both Millennials (66%) and retirees (63%) show nearly equal enthusiasm for shared ownership.

This cross-generational convergence is rare in real estate, underscoring the resonance of a model that promises experience over burden, access over exclusivity, and choice over permanence.

Beyond the Coasts

Perhaps most intriguing is where this demand is coming from. Pacaso’s survey shows residents of small towns and rural areas are 23% more likely than coastal counterparts to consider co-ownership, with Midwestern buyers gravitating toward lake regions as their dream destinations. Meanwhile, coastal Americans still express a clear love affair with beaches (55%), though 40% also prefer lakes. Globally, wanderlust persists: one in five respondents dream of the Caribbean, and nearly as many yearn for Italy—precisely the kinds of destinations Pacaso has targeted in its international expansion.

The Financing Bottleneck

Despite the appetite, financing remains one of the most significant barriers. Traditional second-home loans carry federal fees of up to four points, and one-third of survey respondents cited difficulty securing financing as a top deterrent. Among those open to co-ownership, a staggering 74% say flexible financing options would be critical to their decision to proceed.

This exposes a glaring disconnect: while buyers are demanding modern models of ownership, lenders remain largely anchored in an antiquated system. The opportunity for innovation—in financing as much as in ownership structure—is enormous.

The End of the Maintenance Burden

Equally telling is the exhaustion around maintenance. Nearly half of respondents (46%) said upkeep is a top deterrent to purchasing a second home, a figure that validates Pacaso’s professionally managed model. In a luxury market where time is the ultimate currency, turnkey service is no longer a perk—it is the price of entry.

A Shift in Luxury’s Definition

If the 20th-century symbol of success was the solitary ownership of a sprawling vacation estate, the 21st century appears to be defined by smart access and shared luxury. Today’s affluent buyer no longer sees value in unused square footage or in juggling the headaches of multiple properties. Instead, they demand curated access, lower financial exposure, and global mobility.

Pacaso’s survey reveals a reality that extends beyond real estate: consumers are rewriting the social contract of ownership itself. In luxury fashion, cars, and even private aviation, shared access models have already eroded the old prestige of sole ownership. Second homes are simply the next frontier.

The survey confirms what many in the industry have long sensed: the American dream is alive, but it has been reimagined for a new era. The future of luxury real estate isn’t about having more—it’s about accessing better, smarter, and more flexible ways to live.