Where Are the Best Cities To Buy a Second Home?
By Brian Famigletti, Managing Director & Head of Marketing
Why a Home Away From Home Makes Sense
In 2025, there’s simply no reason to be tied to a single city, so we’re taking a look at the best cities to buy a second home. This might be an investment, a place to share with friends and family, or somewhere to escape the winter.
Real estate can be a solid long-term investment for high-net-worth individuals. There are no guarantees, and past performance is no indication of future results. But historically, property prices have proven resilient and can play an important part in a diversified portfolio.
Of course, another home will need upkeep and maintenance, all of which is going to cost money. You may be able to offset this through short-term rentals, but it’s important to plan for all the costs involved. A local property management can help keep everything in order — including staying compliant with local laws.
A second home isn’t for everyone. In addition to the financial considerations, it can involve long journeys, disruption to routines, and being away from familiar home comforts. Equally, it can be a sound way to potentially build wealth and happy memories.
America’s Best Cities To Buy a Second Home
So, if the world is your oyster, where are the pearls to be found? It’s certainly tempting to simply look at the most appealing places or consult a glossy guidebook. However, holiday destinations are not necessarily the best cities to buy a second home.
For example, a spectacular sunset over the ocean may lose its allure if it comes with a high tax bill or complex local regulations. As a high-net-worth individual, you will want to consider local taxation and property ownership regulations, as well as political conditions.
The domestic market has a lot to offer. For example, Florida is the classic second-home destination for Americans. With warm weather year-round and a host of luxury options, it ticks all the lifestyle boxes for snowbirds. Add to that tax-friendly policies, and it’s a clear favourite, especially for those on the East Coast. Miami tops Altrata’s 2025 list for wealthy second-home owners, with Naples also featuring.
Another sunbelt state stands strong, with California represented three times (L.A., San Francisco, and San José) in the top ten. Again, it’s easy to see why, with a fantastic diversity of options on the table. Connectivity is superb, not just domestically but to Asia, Australia, and elsewhere in the Americas.
Where Else in the World?
If you’re considering a second home abroad, there are many more options. Potential benefits include tax exemptions and a second nationality. However, it can also involve understanding other tax laws, visas, and other legal systems.
London leads the Altrata list, with a number of other European cities also placing highly. There are plenty of mature markets for buying property, such as Milan, Paris, and Zurich. Athens and Lisbon could be more attractive to those who want to see a stronger appreciation in value.
More exotic destinations are also worth considering. A high standard of living and low crime rates have put the Middle East on the map, especially Abu Dhabi and Dubai. In East Asia, Hong Kong has a large number of wealthy individuals, but concerns remain over governance.
Financial advisors can make it easier to navigate the financial and tax implications of owning a second home, whether in the U.S. or abroad. To learn more about how Griffin Asset Management could help, talk to one of our advisors today.
Sources:
UBS: Is buying a second home a smart move in retirement?
Nomad Capitalist: Where Do the Wealthy Live? Destinations for Millionaires in 2025
Knight Frank: Where to buy abroad: the prime second-home property markets for 2025
China Strategic Risks Institute: Does Hong Kong’s national security regime threaten its status as a financial hub?
