The best places to buy a beach house this year: report
Cape Hatteras, North Carolina, was at the top of the list
If you’re looking to buy your own personal vacation escape, you might want to consider North Carolina, according to one report.
Vacation rental site Vacasa recently found the 10 best spots to buy a beach house in the U.S.
According to the report, Cape Hatteras, North Carolina, was the best place for beach house buyers. The area has a cap rate of 8.6% and a median home sale price of $379,248, Vacasa found.
PREVIOUSLY OWNED US HOMES HAVE BIGGER PRICE TAGS THAN NEW ONES
For its report, Vacasa looked at home sales data around U.S. vacation destinations over the last year. The company then compared that information to performance data for U.S. vacation rental properties, according to the methodology.
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The company used median home sale price and cap rates to determine its ranking. According to the report, Vacasa considered each location’s average property tax, average utility cost, average HOA fee, average insurance and property management fees, to calculate average cap rates.
SUMMER HOUSING RENTALS SURGE AS COVID RESTRICTIONS LIFT
Last month, the New York Times reported that the demand for second homes skyrocketed during the pandemic, even surpassing the demand for primary homes between January 2020 and January 2021.
If you’re one of those people looking for a second home and you’re curious where to look, here are the top 10 best places to buy a beach house this year, according to Vacasa.
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1. Cape Hatteras, North Carolina
Cape Hatteras, North Carolina, is the best place to buy a beach home this year, according to Vacasa. (iStock)
Cap Rate: 8.6%
Median Home Sale Price: $379,248
2. Ocean Shores, Washington
Grays Harbor in Westport, Washington, is pictured. Westport is around the bay from Ocean Shores. (iStock)
Cap Rate: 7.8%
Median Home Sale Price: $250,255
3. Dauphin Island, Alabama
Dauphin Island, Alabama, has a median home sale price of $289,623, according to Vacasa. (iStock)
Cap Rate: 7.8%
Median Home Sale Price: $289,623
4. New Buffalo, Michigan
The New Buffalo Lighthouse and Beach Club in New Buffalo, Michigan, is pictured. (iStock)
Cap Rate: 7.1%
Median Home Sale Price: $319,306
5. Corolla, North Carolina
The Currituck Beach Lighthouse and the pink boathouse at the Historic Corolla Park in Corolla, North Carolina, are pictured. (iStock)
Cap Rate: 6.9%
Median Home Sale Price: $560,599
6. Kauai South, Hawaii
The Kauai south coast in Hawaii is pictured. (iStock)
Cap Rate: 6.2%
Median Home Sale Price: $593,554
7. Isle of Palms, South Carolina
The Isle of Palms, South Carolina, is a bit on the pricier side compared to other locations on the list. The area has a median home sale price of $708,920, according to Vacasa. (iStock)
Cap Rate: 5.8%
Median Home Sale Price: $708,920
8. Wailea, Hawaii
Wailea is also a pricier area on Vacasa's list. According to the company, Wailea has a median home sale price of $885,086. Wailea Beach is pictured. (iStock)
Cap Rate: 5.6%
Median Home Sale Price: $885,086
9. South Kohala, Hawaii
The South Kohala coast, on the island of Hawaii, is pictured. (iStock)
Cap Rate: 5.6%
Median Home Sale Price: $639,908
10. Bolivar Peninsula, Texas
A lighthouse and home at the ferry entrance to south side of Bolivar Island from the port of Galveston, Texas, is pictured. (iStock)
Cap Rate: 5.6%
Median Home Sale Price: $299,354