Michigan City One Of Best Lake House Buying Destinations
Looking for a dreamy lake house? Well, location is everything! Whether you’re after a summer getaway, a rental property, or a forever home, where you decide to snag your slice…
Looking for a dreamy lake house? Well, location is everything! Whether you're after a summer getaway, a rental property, or a forever home, where you decide to snag your slice of lakeside paradise can make a world of difference. From stunning views to convenient amenities, the right location sets the tone for your ultimate lakeside experience.
Evolve is a vacation rental company set out to assist buyers in finding their ideal lake house. According to their site, there are 480,000 lakes dotting the U.S. mainland. And knowing the prime areas for investment becomes crucial. That’s why their team did their homework and compiled the best places to buy a lake house.
They considered Zillow's median home values for 2022, dived into vacation rental performance metrics in lakeside towns nationwide to gauge higher median revenue from bookings, and estimated the yearly expenses required to operate a vacation rental (approximately 30% of total revenue) to determine the cap rate. With that data, they determined their top 12 choices for aspiring lake house buyers.
This Michigan city is one of the best places to buy a lake house.
Among the breathtaking destinations featured on Evolve's list, including Norris Lake in Tennessee and Lake Havasu City in Arizona. With a standout in northern Michigan. Traverse City, a beloved summer hotspot, claimed the No. 4 spot as a prime location to buy a lake house.
The vacation rental company pointed out a few factors other than its location, making it a great place to invest. According to their analysis, Traverse City offers abundant waterfront inventory at more affordable prices. They also discussed sought-after spots like Silver Lake, Long Lake, and Island Lake.
Additionally, they pointed out that the earning potential in Traverse City is great, if you're looking to profit from renting out your property. Especially when you have the right strategy. It was noted that many of Evolve’s top-performing Traverse City homes sit on these lakefronts reaching annual earnings of up to $169,000.
Take a look at the complete lineup of "Best Places to Buy a Lakehouse" here.
