Second Homes

[Anonymous]

If your kids are in private, what percent of their class have second homes? Roughly 20% at our school have one and we’re not at a “top” school. Curious if it’s different elsewhere.

[Anonymous]

I think this will really differ based on how old your kid is.

Parents that come in at K are often late 30s / early 40s.

By the time the kids graduate they're in mid 40s / early 50s.

The 13 years are often times one of significant wealth accumulation for the ones doing law/finance/consulting/tech etc.

[Anonymous]

I have no idea what percent have summer homes. It’s not like it comes up unless you are close friends with someone. Though I wouldn’t be surprised if the population at NYC schools with respect to bragging and outward signs of wealth, differs greatly from the DC school scene. People I know have a variety of homes - Colorado, lake houses, Martha’s Vineyard, Nantucket, and Kiawah. Friends from public have houses in places like Delaware or the Outer Banks, which are generally cheaper. No one goes to the Hamptons.

[Anonymous]

NYC resident- many do, but I quickly taught my dc in a private high school (and the one in public bc lots of those kids have $ too) to find something else to feel good about himself other than $, clothes, apartment size, vacation homes, trips, etc bc as a kid from a middle class family in the obscene wealth of NYC, he was never going to win that game. It’s worked out well so far. He’s a very confident kid and worked to find ways to feel special that aren't materially focused.

[Anonymous]

Weird - never thought about, no idea how many do.

[Anonymous]

I don’t know why people are saying this is weird to think about. In my son’s 2s class, I know off the top of my head who has second homes (or 3rd or 4th…) and 70% have them.

[Anonymous]

I have no idea. There are certainly a lot of families in the Hamptons in the summer, but I don’t know who owns vs who rents.

[Anonymous]

A lot of families in NYC have second homes because they sort of have to. This goes for "middle classes" of Manhattan and Brooklyn too who live usually in tight quarters in the city and need a place to escape to spread out and store stuff. Second homes are not what people think, they aren't glamorous, and anyone who talks about Hamptons doesn't know much about NYC. People own regular suburban homes and cabins in areas with less expensive RE up to 2 hours drive away from the city. CT, NJ suburbs, Hudson Valley, Poconos and LI are all destinations for the second homes of those who don't have crazy money for exclusive destinations. These homes act as extensions of small family apartments.