16 Best Places to Buy a Vacation Home in 2024
In This Article:
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.