16 Best Places to Buy a Vacation Home in 2024
In this article, we will be covering the 16 best places to buy a vacation home in 2024. If you wish to skip our detailed analysis, you can go directly to the 5 Best Places to Buy a Vacation Home in 2024.
The Ultimate Vacation Housing
The demand for vacation homes continues to rise. This demand went up first during 2020 when people were given the freedom to work remotely. Many Americans depicted their interest in buying vacation homes during this period. Hence, popular vacation destinations appreciated in price relative to an ordinary home in the US. Most of these vacation homes are based in amenity-rich locations near lakes, oceans, and mountains. This makes these spots ideal for adopting outdoor living throughout the year.
Investing in a vacation home is also deemed a good option due to multiple reasons. The idea of always having one’s own place to stay on vacation saves from the hassle of looking for hotels or vacation rentals that might be out of budget or simply unavailable at the required time. Owning a place near preferred recreational activities also makes it convenient for outdoor enthusiasts. Travelers who see themselves visiting a destination again and again can also purchase a vacation home so they can feel a part of the local community on their return. Vacation homes are a reasonable source of income as well. Vacasa’s Vacation Rental Buyer Report from 2022 reported that 55% of vacation home buyers purchase vacation homes as they want to generate income. 41% of the buyers invest in a vacation home to sell it later at a profit. Hence, owning a short-term vacation rental is a sound financial investment.
Vacation rentals have also been an emerging trend. Holiday homes are given on rent and are preferred by travelers since they are already equipped with many amenities such as a kitchen, laundry facilities, free Wi-Fi, and outdoor spaces such as patios or decks. Rentals tend to be cost-effective since renters can also save money instead of going to expensive traditional hotels in their vacation destination. You can also take a look at some of the most affordable places to retire on the East Coast.
Housing Options to Look Out For
Amid high demand for vacation homes, several American companies offer diverse housing options, including properties in sought-after vacation destinations. Some of the leading home builders in the US include Lennar Corporation (NYSE:LEN), PulteGroup, Inc. (NYSE:PHM), and KB Home (NYSE:KBH). Let’s take a look at some recent developments from these firms.
Lennar Corporation (NYSE:LEN) is a leading builder of quality homes for all generations in the US. The company constructs affordable, move-up, and active adult homes primarily under the Lennar brand name. On December 18, Lennar Corporation (NYSE:LEN) reported the acquisition of nine neighborhoods totaling 1,273 homesites in the Tuxedo Reserve master-planned community located in Tuxedo, New York from Related Companies. The community offers a short commute to New York City and Northern New Jersey. Residents will also be able to access hiking and biking trails, sports courts, and a clubhouse. The community’s grand opening is expected in the second half of 2024. Earlier on October 4, the homebuilder announced the debut of new model homes in Central Oregon with convenient year-round access to the region's most beautiful outdoor recreation spots.
PulteGroup, Inc. (NYSE:PHM) is an American residential home construction company. The firm operates Pulte Homes which constructs consumer-inspired homes and communities in more than 40 markets across the US. On November 29, PulteGroup, Inc. (NYSE:PHM) reported its return to the Salt Lake City market through two new communities. The communities are expected to have a grand opening in early 2024. They are located close to Park City which hosts world-class ski resorts, restaurants, golf courses, and several state parks. Views of the Jordanelle Reservoir and Wasatch Mountain Range can also be enjoyed.
KB Home (NYSE:KBH) is one of the largest homebuilders in the United States. The company has built over 670,000 quality homes in its history. It focuses on fostering interpersonal relationships with its customers by building homes unique to each customer based on their budget. On December 1, KB Home (NYSE:KBH) reported the grand opening of Beach Park Village, its latest new home community in Flagler Beach. Residents will be minutes away from the local beaches. The community is also deemed good for families due to its desirable coastal location near local parks, which feature sports fields, playgrounds, picnic pavilions, and hiking trails. Pricing for these homes begins from the mid $300,000s.
With this context, let’s move to the 16 best places to buy a vacation home in 2024.
16 Best Places to Buy a Vacation Home in 2024
Our Methodology:
In order to rank the 16 best places to buy a vacation home in 2024, we used a consensus approach. We sourced data from multiple sources including Kiplinger, Business Insider, Rocket Mortgage, Evolve, and Vacasa. In order to find the most common places to buy a vacation house across our sources, we calculated an average score. This score was found by dividing the sum of the respective rankings for a place across all sources by the number of sources across which it appeared. Since this was an average score, places with a lower score tend to be more commonly known for buying a vacation home. Once we had a list of all the places with the lowest scores, we acquired their average home prices from Zillow, a leading real-estate source. The latest average home prices were available as of November. Please note that the sources had already considered factors making vacation destinations good for living so we incorporated home prices to rank these places.
Finally, we ranked the 16 best places to buy a vacation home in 2024 in descending order of their average home prices.
16 Best Places to Buy a Vacation Home in 2024
16. Rehoboth Beach
Average Home Price: $725,647
Rehoboth Beach is a city on the Atlantic Ocean along the Delaware beaches. It is a known destination for vacations among families and outdoor enthusiasts. Shopping options are available close to the beach. Residents can watch wildlife at Cape Henlopen State Park. Rehoboth Beach ranks as a good place to invest in a vacation home in 2024.
15. Nags Head
Average Home Price: $691,215
Nags Head is a busy vacation destination due to its beaches and sand dunes of Jockey's Ridge. It is home to seaside motels, beach houses, boutiques, surf shops, and grocery stores. A wide variety of dining options can also be availed in Nags Head. Hence, Nags Head is an attractive place to purchase a vacation home in 2024.
14. Hatteras Island
Average Home Price: $572,415
Hatteras Island is a famous island in North Carolina that is deemed suitable for buying a vacation home in 2024. Swimming, canoeing, kiteboarding, and kayaking can be undertaken. Residents and visitors can also access the Cape Hatteras Lighthouse, a popular attraction in the area.
13. Okaloosa Island
Average Home Price: $549,477
Okaloosa Island ranks among the best places to buy a vacation home in 2024. Apart from the restaurants and shops, residents can visit the Gulfarium Marine Adventure Park. The family-friendly beaches also make Okaloosa Island a good place for families to settle in.
12. Lake Anna
Average Home Price: $540,101
Lake Anna is a Virginia-based waterfront destination. The area is growing into a highly coveted residential destination apart from being a vacation spot. It is also situated close to major cities such as Fredericksburg, Charlottesville, and Richmond. Kayaking, boating, fishing, and hiking can also be undertaken. Hence, Lake Anna is a good place to invest in a vacation home in 2024.
11. Rockaway Beach
Average Home Price: $468,306
Oregon’s Rockaway Beach is a popular beach town that ranks as one of the 16 best places to buy a vacation home in 2024. The town has a laid-back vibe and the local community is warm and welcoming. Settling in this town will enable residents to hike nearby Neahkahnie Mountain or go fishing. Annual events are also hosted in Rockaway Beach.
10. Gulf Shores
Average Home Price: $462,015
Gulf Shores, located on the Gulf of Mexico, is another place deemed good for buying a vacation home in 2024. As of November, the average home price in the city is $462,015. Gulf Shores is a popular beach destination. Residents can visit nature trails, water sports, and amusement parks such as Waterville USA.
9. Killington
Average Home Price: $457,717
Killington is a town in Vermont where the average home price was recorded at $457,717 in November. It hosts the Killington Ski Resort and numerous vacation lodges. Apart from skiing or snowboarding in winter, hiking and mountain biking can be done in summer. Gifford Woods State Park and Pickle Barrel Nightclub also attract many.
8. Waldport
Average Home Price: $450,456
Waldport is a forested coastal town that offers an average home price of $450,456. It is located on the Alsea River. Those who wish to settle in can go hiking, kayaking, and fishing. Food and shopping options are also diverse. Hence, Waldport is another place to purchase a vacation home in 2024.
7. Nashville
Average Home Price: $427,290
Nashville, the capital city of Tennessee, is located on the Cumberland River. There are many attractions to witness in the city for instance the Centennial Park, Bluebird Cafe, Country Music Hall of Fame and Museum, and Radnor Lake State Park. These factors make Nashville another attractive place to buy a home in 2024. Nashville neighborhoods offer numerous shopping and dining options as well.
6. Navarre
Average Home Price: $410,832
Navarre is a compact beach community based in Florida. Recreational activities including hiking, biking, and fishing can be easily accessed. Families can resort to family parks. Local restaurants and bars also offer entertainment. The community attracts many nature enthusiasts and tourists. As of November, the average home price in Navarre is $410,832. Hence, Navarre ranks as one of the 16 best places to buy a vacation home in 2024.
Click to continue reading and see 5 Best Places to Buy a Vacation Home in 2024.
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Disclosure: None. 16 Best Places to Buy a Vacation Home in 2024 is originally published on Insider Monkey.