VACATION HOMEOWNERSHIP PERCENT OF SECOND-HOME OWNERSHIP SAW MODERATE DECLINE AMONG HIGH EARNING HOUSEHOLDS BETWEEN 2016 AND 2019 BUT REMAINS SUBSTANTIAL AT 41% ABOVE LONG-TERM AVERAGE OF 38% % of Households with Other Residential Real Estate by Income Percentile; 1989-2019 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% Less than 20 20-39.9 1989 1992 1995 40-59.9 Income Percentile 1998 DPEP | Cotino™, a Storyliving by Disney™ Community | Rancho Mirage, California 2001 2004 2007 2010 2013 2016 2019 Source: Survey of Consumer Finances; RCLCO R1-12149.06 | March 25, 2022 | 43 60-79.9 80-89.9 90-100