Unfortunately, though, it's easy enough to outgrow your timeshare after a period of time. In fact, Dave Ramsey says that 85% of timeshare owners end up regretting their decision. If that's the boat you've landed in, don't stress.
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According to the U.S. Shared Vacation Ownership Consolidated Owners Report, 2018 Ed., more than five in six owners (85%) rated their overall ownership experience as excellent/very good/good.
It's not just about investing well, it's about avoiding the financial mistakes that undermine so many well-meaning, but misguided people. One of these mistakes is getting caught in the timeshare trap. While timeshares may seem attractive at the outset, over time they can become real wealth traps.
ARDA says the average cost of a timeshare that a buyer can use for one week a year is $24,140. But that's just to buy in. Owners are also pay annual maintenance fees, which typically run into the thousands of dollars.
Today, over half of timeshare owners are Gen Z and millennials and the average age of a timeshare owner is 39, according to a 2022 report by the American Resort Development Association.