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The average homebuyer purchasing a secondary home has an income of $197,400, while those buying a primary residence have an average income of $74,100. The average household purchasing a secondary home has an income equal to 2.6 times the average income of a household purchasing a primary residence. Buyers looking for second homes may want to use the property for vacations, or for financial investment as median home values continue to rise. The most sought-after vacation destinations were in wealthy communities off the coast of Massachusetts.
Nantucket County, a small island across the sound from Cape Cod, and Dukes County, home to Martha’s Vineyard, had the most vacation homes, making up 55.5% of the housing stock in each. Many locations restrict or impose conditions on the use of properties as vacation rentals, or restrict vacation rentals to certain defined areas. Before purchasing a particular property as a potential vacation rental a buyer should confirm that the property can legally be used for this purpose. In the same report, 46% of buyers said they’re looking to start generating income today, which is exactly where Vacasa can help—offering full-service vacation rental management. As a result of this demand, we’re seeing more first-time real estate investors and second home owners renting out their properties for the first time.
Top 25 best places to buy a vacation home
The Anakeesta adventure park features everything from cozy fire pits to dueling zip lines. The country'shousing market is in a downturnas interest rates have skyrocketed andinflation has risen to record levels. However, the demand for luxury second homes is still thriving, according to Pacaso's latest report on thetop vacation home destinations in the country for 2022. The BestPlaces cost of living score includes housing prices for renters or homeowners, utilities , healthcare costs , entertainment costs, transportation expenses , food prices (meat, dairy, ready-to-eat, and more), child care , and taxes . "Buying a vacation rental property requires more consideration than simply where you'd enjoy owning a vacation home that you could visit a few times a year," said Shaun Greer, Vacasa's senior director of real estate. Utah's Washington County is the big winner, with an average second home price of $1.37 million and a 10.3% increase in mortgage rate locks year-over-year.
You’ll want to know if roads near your summer home get plowed in the winter, or if your ski chalet is plagued with mosquitoes come summer. Some vacation home locations cater to seasonal visitors — think ski towns or sunny snowbird destinations. These bustling communities may transform into quiet, locals-only spots in the off-season. Savannah makes the list as one of the best second home locations thanks to its riverfront properties and classic Southern charm.
Dauphin Island, Alabama
Shop at stores like Louis Vuitton, Saks Fifth Avenue, and Tiffany & Co atThe Gardens on El Paseo. Dine atSandfish Sushi & Whiskeyto sample Stuffed Zucchini Blossoms and Yellowtail Sashimi. Share artisan small plates like Roasted Local Baby Beets, Sauteed Veal Tenderloin, and Seared Firecracker Tuna at4 Saints. Or sip on fruity cocktails, go dancing, and see some of the area’s best drag performances atToucans Tiki Lounge. If you choose the cheapest products out there, they won’t last as long, so the little bit of money you saved up front will actually cost you more down the line in repairs or replacements.
This small island also has a 165-acre bird sanctuary that serves as a common resting place for birds on their way back from South America. Bay Harbor is nestled away in northern Michigan, stretching across five miles of the Lake Michigan shoreline. It’s a popular vacation destination for Midwestern residents due to its small town feel and resort-level accommodations. Visitors and permanent residents alike are drawn to its spas, fishing charters and breathtaking scenery. Tampa is yet another city you should consider when you look at the best places to buy a vacation home in Florida.
Seasonal preferences
Hoping to buy a second home in an area that’s close to the water but a bit drier than the tropics? Located in the Arizona desert, Lake Havasu lets its residents enjoy boat life without all the humidity and storms. To make sure you get all you hope for out of your second home, it’s important to know what you’re looking for — and where you want to be looking for it.
However, Knight Frank said the slowdown has not yet translated to property prices — with the luxury sector proving particularly resilient. Another small city, Davenport has boomed almost 200% in a decade, growing from just under 2,900 inhabitants to about 5,400 today. An hour's drive southwest of Orlando International Airport, Davenport is just far away enough to escape the theme park crowds and just close enough that residents can easily avail themselves when they feel like it. Top attractions include the True Blue Winery, Providence Gold Club and Lake Davenport itself.
So, let’s take a look at the cities which offer the highest Airbnb rental income throughout the Sunshine State as these are the best places to buy a vacation home in Florida. Following is a list of the most profitable locations for owning a vacation home in Florida, based on the expected rental income from Airbnb. The expected rental income along with the other important real estate investing figures have been computed by Mashvisor’s investment property calculator. This rental property calculator saves real estate investors a lot of time and money by replacing the need for conducting complicated real estate market analysis to get real estate comps. There’s a reason thousands of movies, TV shows and books are set there, after all. NYC is pure magic, and it’s a hotspot for young professionals looking to make moves in their careers.
Here they are, from 10 to 1, plus inspiration from each place that could help you plan a fact-finding vacation before your big move. Vacasa’s 2021 Vacation Rental Buyer Report revealed that most buyers (36.4%) currently in the market are looking to spend under $399,999, which aligns nicely with median home sale prices in many of our 25 best places to buy. According to a June 2021 report, second home buyer demand is starting to taper off a bit from its earlier peak, which will open up more affordable inventory for those still in the market. This slight dip in demand is due to many buyers having already purchased a second home over the past 18 months, and uncertainty about the need to return to offices and schools.
If it's a ski hill you're after, see what it offers in both winter and summer. If you'd rather workout indoors, take a tour of local gyms or yoga studios. Vail is a mountain town where residents live in luxury as they hit the slopes. It’s one of the best places for a second home due to the quality of life it provides.
To that end, we’ve compiled 25 of the best places for a second home in the U.S. — ordered by their median home prices — to help you find a location that suits your needs, lifestyle and budget. In order to keep your same standard of living your salary can vary greatly. This is why we are now offering a Premium Salary & Cost of Living Calculator. Our Premium Cost of Living Calculator includes Food & Groceries indexes and prices for Meats, Fruits and Vegetables, Milk and Eggs, Bread, Ground Beef, Sugar, Coffee, Beer and other must-know details. If you plan to buy an Airbnb property in any of these top locations in Florida, you should first learn how to become an Airbnb host. Montauk has such a beautiful beach that it will surprise no one that it's one of the very best places to buy a vacation home in upstate New York.
From access to fine food and rich culture to stunning scenery, the continent has something for everyone — and property purchasers are buying in. The resort and theme park is now Tennessee's biggest attraction, drawing almost 3 million annually. This visitor renaissance has resulted in a boom in new attractions and activities throughout the region, although the most enduring and enigmatic draw remains the haunting Great Smoky landscape. Here's a look at the top 10, along with the median sale price and the cap rate for each. “If you’re in the upper Michigan, Wisconsin, Minnesota, Maine, and Pennsylvania and upstate New York, the vacation homes there are surprisingly not very expensive,” says Cororaton. Indoor and outdoor attractions, restaurants, bars, ski villages, events, and festivals mentioned within local market descriptions may be closed or cancelled, or may have limited service due to COVID-19.
A tontine is a kind of capital investment plan that began in the 17th century in Italy and peaked in the early 1900s in Europe and the U.S. Digital nomads are location-independent people who use technology to perform their jobs. Portugal offers tax incentives for foreigners and several paths to residency. Carol M. Kopp edits features on a wide range of subjects for Investopedia, including investing, personal finance, retirement planning, taxes, business management, and career development. Norfolk is a city that is having a cultural renaissance, with attractions like the NorVa, lots of craft beer spots and art galleries, and the upscale Ghent area.
Buying a home in an uber-competitive market may require looking at up-and-coming areas and avoiding traditionally high-priced markets like the French Riviera, a popular second-home market for high-net-worth individuals. Luxury homes there come as high as $38 million; however, there are properties that remain a relative bargain at a little under $700,000. Cuenca, Ecuador offers the most affordable real estate to expats, says Live and Invest Overseas. Other affordable hotspots include Cayo, Belize; Abruzzo, Italy; and Chiang Mai, Thailand. Different markets might be the best places to buy a second home, depending on your needs—for example, Panama is excellent for rental apartments and Thailand has a great vacation rental market.
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