This New York Town Was Named One of the Best Places to Buy a Vacation Home
A new study by Evolve includes this Catskills getaway.
If you're looking for a solid real estate investment, Upstate New York should be on your list.
Evolve, the vacation rental hospitality company, recently found that Saranac Lake is the best place to buy a lakehouse in the US. If you're not a lake fan, though, there is no need to fret, and you can still consider Upstate New York for your investment. Evolve just released a new study, and found that investors who are considering buying a vacation home should look into Windham, New York as well.
Located in the heart of the Catskills and with a median rental revenue of $38,325, Windham has everything you need for a relaxing retreat. Its historic downtown filled with art galleries and wine bars is the perfect place for a Sunday stroll, and its many outdoor activity options make it a dream destination for nature loers. In the winter, visitors can enjoy beautiful skiing sessions, and during the summer, hiking trails and walks surrounded by nature are the highlight of the day.
Windham came in fourth on the list of best places to buy a vacation home, and it is the only town in New York State. Wisconsin Dells, Wisconsin won the gold medal with a median rental revenue of $42,438, and it was followed by Lead, South Dakota, which boasts a median rental revenue of $43,283. The third spot, instead, went to Gatlinburg, Tennessee ($39,715).
To come up with the results, Evolve took into account a combination of factors, including proprietary and public data. First, the company analyzed vacation rental performance metrics across the country in order to learn where bookings lead to higher median revenue. Additionally, it looked at Zillow's 2022 median home value to identify listing prices. Finally, it estimated the yearly expenses to run a vacation rental, and used the data to help calculate the cap rate.
"Getting away on vacation to waterfront or mountain retreats overwhelmingly continues to be a priority for travelers, so naturally vacation rentals are still enjoying a significant uptick in demand compared to pre-pandemic levels," Louis Olds, director of real estate services at Evolve, said in a statement. "Our list reflects these highly sought after vacation destinations which ultimately maximize the earning potential for investors."
For more information and to take a look at the full list, you can head over to this website.