In the past, owning a 'second' or 'holiday' home was an expensive proposition - it actually cost you money. For some time now - because of rapid capital gains and the short term rental market - it makes you money. Many more people are willing and able to do it.
Actually, this seems to be largely an American problem. In Europe, Canada, and Mexico (at least just these areas I'm familiar with), it was common to have a cottage or small home in a faraway part of the "countryside" as a mini-vacation home. Definitely wasn't accessible to everyone, but was FAR from the level of wealth needed in America to operate a "second-home"
The same applies to New Zealand. Lots of families would own a 'bach' in some remote area near a lake, river, or on the coast. These were typically very basic - what you might call a cabin in North America.
Nowadays though, it's common to own that second dwelling in a city or other built up area.
Just last week I was talking with a family member (mid-60s, about to retire). They are planning on buying a small apartment in the city their son and grandchildren live in. They are not selling their existing house in another city to do this. They plan to use it only while visiting and have explicitly stated that they see it as an investment. They are by no means 'rich'. 30 years ago this would have been unheard of for people in their position.
