MORTGAGE BLOGPosted On July 05, 2017
Vacation homes and investment properties can be used as a “home away from home” and also potentially become a source of rental income when occupied. The cost of the vacation home largely depends on the location.
A recent survey by ATTOM Data Solutions ranked popular vacation cities based on summer weather, crime rate, pollution, and home price appreciation to determine the most affordable locations.
5. Weaverville, North Carolina
Average summer temperature: 74.2 °F
YTD 2017 median home price: $265,000
4. Asheville, North Carolina
Average summer temperature: 74.2 °F
YTD 2017 median home price: $259,500
3. Port Charlotte, Florida
Average summer temperature: 83.7 °F
YTD 2017 median home price: $150,500
2. Waynesville, North Carolina
Average summer temperature: 74.2 °F
YTD 2017 median home price: $195,000
1. Crossville, Tennessee
Average summer temperature: 75 °F
YTD 2017 median home price: $87,500
Before purchasing a vacation home, it is best to contact a financial advisor. While renting the home in the off season can offset some costs, not all homes can be used as rental property. Homeowners’ Associations and city ordinances may be a determining factor.
Sources: HousingWire, US News and World Report
