Top 10 Places to Purchase a Vacation Home

The second home market is starting to slow, so it might be time to finally buy that vacation home that you’ve been considering. Start planning the location that best fits you and your financial needs going into the 2022 market! These trends may bring a new opportunity for an investment.

Second home buyers’ budgets are usually capped at $399,999 and 46% of them hope to generate passive income immediately through renting via a Vacasa survey. These top 10 locations met both these requirements in 2021, so check them out! Number 7 is even in California!

Want to purchase a vacation home?

 

 

10. Ludlow, Vermont

Median home price: $346,950

Annual gross rental revenue: $42,638

Vacation rental market cap rate: 5.2%

 

Ludlow has become a great vacation spot for outdoor lovers, as it is close by to Okemo Mountain Resort and Buttermilk Falls.

 

 

9. Seaside, Oregon

Median home price: $466,086

Annual gross rental revenue: $45,249

Vacation rental market cap rate: 5.2%

 

Water lovers enjoy kayaking and windsurfing in this town and can easily walk or bike to get around.

 

 

8. Deep Creek Lake, Maryland

Median home price: $439,367

Annual gross rental revenue: $51,031

Vacation rental market cap rate: 5.7%

 

Deep Creek Lake is the largest inland lake of Maryland popular for boating, tubing, and waterskiing. When it’s closed for the winter, people like to ski, snowboard, snowshoeing, and sleigh rides.

 

 

7. Palm Springs, California

Median home price: $539,370

Annual gross rental revenue: $52,784

Vacation rental market cap rate: 5.9%

 

Palm Springs is a popular vacation spot on the West Coast for those who like warm weather. With many restaurants and modern desert homes, people enjoy hanging by the pool.

 

 

6. Blue Ridge, Georgia

Median home price: $290,934

Annual gross rental revenue: $38,266

Vacation rental market cap rate: 6.1%

 

Blue Ridge is on the border of Tennessee and Georgia and has many outdoor activities for guests including hiking, horseback riding, and seeing 16 waterfalls or attend their fall orchard festivals.

 

 

5. Norris Lake, Tennessee

Median home price: $343,907

Annual gross rental revenue: $42,450

Vacation rental market cap rate: 6.2%

 

Norris Lake is a short drive to Knoxville and a great place to do stand-up, kayak, wakeboarding, paddleboarding because of it’s 52 square miles.

 

 

4. Dauphin Island, Alabama

Median home price: $382,699

Annual gross rental revenue: $43,371

Vacation rental market cap rate: 6.8%

 

Dauphin Island homes uncrowded white beaches and is a family-friendly vacation spot.

 

 

3. Gulf Shores, Alabama

Median home price: $402,905

Annual gross rental revenue: $46,107

Vacation rental market cap rate: 7.1%

 

Gulf Shores has many bars and restaurants as well as great water sports location, making it a popular vacation spot to many.

 

 

2. St. Augustine, Florida

Median home price: $365,576

Annual gross rental revenue: $46,557

Vacation rental market cap rate: 7.4%

 

St. Augustine has the No.1 Whiskey tour in America at their St. Augustine Distillery. It also boasts beautiful beaches and very historic downtown.

 

 

1. Gatlinburg, Tennessee

Median home price: $320,111

Annual gross rental revenue: $47,328

Vacation rental market cap rate: 8.6%

 

Gatlinburg homes North America’s longest pedestrian suspension bridge called Skylift Park and Anakeesta adventure park. It also made the top of the list because the median sale price of homes is $320,000 with a cap rate of 8.6%

 

Want to get a second home in Palm Springs?

Source: Yahoo News

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