This Upstate New York Town Is the Best Place to Buy a Lake House in the U.S.
A new study by Evolve just released new data.
After months where the New York housing market went haywire, prices seem to be cooling off—at least in some neighborhoods. If you're looking to make a valuable investment in New York, though, the city isn't the only option; you might want to look into quaint upstate towns for some really good deals.
According to a new study by Evolve, the vacation rental and management company, home shoppers looking to snag the next best vacation home should head over to Saranac Lake. Located in the Adirondacks only 10 minutes away from Lake Placid, the town was just named the best place in the US to buy a lake house in 2023.
The town, though small, has it all. Surrounded by nature, it is a hot spot for all-things outdoors, and visitors have plenty of activities to choose from, including plenty of hiking and skiing as well as swimming, fishing, and boating in the many surrounding lakes and ponds. In the fall, instead, foliage is one of the main attractions in the area. Those who prefer quieter and more relaxing activities can instead count on the town's many year-round initiatives, including farmer's market, art walks, and even summer concerts.
Buying property in Saranac Lake is also a smart investment to maximize your profits. “With a median list price of $250,000, it's a rare gem for investors looking to break into the lake house market," Louis Olds, Evolve's director of real estate services, told Travel + Leisure.
To come up with the results, Evolve took into consideration different factors. For each destination, it analyzed the median home values on Zillow, looked at the property rental performance, and evaluated the estimated yearly expenses. Together, the three sets of data were used to calculate the cap rate (the ratio between the property's net income and its market value) and return on investment potential on every destination. Saranac Lake's winning stats resulted in $25,294 in median rental revenue and a cap rate of 7.1%.
Saranac Lake was the only New York town in the study's top 10. Branson, Missouri won the silver medal on the ranking, while Brainerd Lakes, Minnesota, came out third. To take a look at the complete list, you can visit this website.