Looking for a vacation home that’s as nice as it is inexpensive? You’re in luck. GOBankingRates spoke with experts who shared the most affordable, up-and-coming locations across the U.S. that could make for smart vacation property investments.
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From lakeside retreats to mountain getaways, these spots offer a mix of affordability, growth potential and lifestyle perks. All you have to do is pack your bags! Here are seven affordable and up-and-coming spots to buy vacation property in 2024.
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Finger Lakes, New York: A Hidden Gem
If you’re after lakefront property without the hefty price tag, consider the Finger Lakes region of New York.
“It is a more affordable option to the likes of Montauk and the Hamptons, and many people outside of New York know nothing about it,” said Seamus Nally, CEO of TurboTenant. “It is the ideal lakefront location, if a lake house is what you are looking for in a vacation rental.”
Nally pointed out that while there are certainly expensive properties in the area, there are also many more affordable options.
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Mount Dora, Florida: Southern Charm on a Budget
If you wanna be in the Sunshine State, Mount Dora is a pretty attractive place to buy in 2024.
“Mount Dora is turning heads with its attractive median home price of $393,000, which is a steal compared to its surrounding markets,” said Dutch Mendenhall, author and founder of RADD Companies. “With 723 properties sold over the past year and a vibrant community atmosphere, Mount Dora offers a solid investment opportunity.”
The city has also seen stable growth, which makes it an attractive spot for investors. All of this adds up to it being the perfect place to buy your dream vacation home.
St. Petersburg, Florida: Waterfront Living Without the Miami Price Tag
If you’re set on coastal Florida but want to avoid Miami’s sky-high prices, St. Petersburg could be your answer.
“With median home prices around $425,000, it’s significantly more affordable than Miami’s $600,000,” said Yawar Charlie, director of Luxury Estates Division at Aaron Kirman Group, CHRISTIE’S International. “Plus, it’s packed with charm, from its vibrant arts scene to its easy access to Tampa Bay. And with home values in the area rising 8% year over year, it’s not just a fun place to visit–it’s a smart investment, too.”
Asheville, North Carolina: Mountain Views and Cultural Vibes
For those who prefer mountains to beaches, Asheville offers a beautiful blend of natural beauty and urban amenities.
“Not only do you get stunning views of the Blue Ridge Mountains, but the median home price here is a reasonable $465,000,” Charlie said. “Tourism is booming — up 10% year-over-year — so if you’re thinking about renting out your property, it’s a strong bet.”
Laughlin, Nevada: Desert Oasis on a Budget
If you’re drawn to the desert, Laughlin offers an affordable entry point for vacation property ownership.
“With a median home price of just $325,000, this city offers one of the lowest entry points for vacation properties in this list,” Mendenhall said. “It’s got a dynamic market with a 20% increase in homes sold over the past year and a low foreclosure rate.”
Savannah, Georgia: Southern Charm and Rental Potential
For a taste of the Old South with modern investment potential, consider Savannah.
“Savannah’s got all the charm you’d expect, and the prices are still reasonable with a median home price of $375,000,” Charlie explained. “It’s not only one of the most walkable and picturesque cities in the country, but it’s also attracting over 14 million tourists annually. That creates a solid demand for short-term vacation rentals.”
Kissimmee, Florida: Theme Park Proximity at a Fraction of the Cost
If you’re a fan of Mickey Mouse and all his theme park friends, Kissimmee might be right for you.
“Kissimmee’s market is buzzing with activity, boasting a median home price of $377,000,” said Mendenhall. “It’s a prime location due to its proximity to major attractions and a large inventory of residential properties.”
Mendenhall pointed out that despite some market fluctuations, Kissimmee remains a strong choice for investors. “Despite a slight drop in home sales and some foreclosure activity, the overall market remains strong, with a substantial 37% of homes being equity-rich,” he said.
For those considering the rental potential of their vacation property, Kissimmee could be a great place to (theme!) park your cash.
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This article originally appeared on GOBankingRates.com: 7 Affordable Up-and-Coming US Locations To Buy Vacation Property in 2024
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