Vacation home hub
Ocean City, New Jersey is apparently the vacation home capital of the U.S. The city is home to more than 50,000 separate vacation properties – more than any other town in the country.Verify your new rate (Oct 30th, 2020)
Ocean City opens up
According to a new ranking, Ocean City is the No. 1 spot for vacation homes in the U.S., with 50,490 within its limits. The median home value in the area is just over $328,000.
A separate analysis showed that almost 43 percent of its residents are part-time. The city’s population doubles during the summer season.
But Ocean City isn’t the only northeastern city with a big vacation home share. According to the ranking, vacation homes account for 27.5 percent of all properties in Cape Cod, Massachusetts, putting it at No. 2 in the country. Morehead, North Carolina, came in at three, with a 27.4 percent share.
Heading south for the sun
Southern cities comprised much of the list, with three Florida cities in the top 12. Naples, Key West and Fort Myers all came in with about a 20 percent share of vacation properties.
Other southern cities to make the list included Show Low, Arizona, and Myrtle Beach, South Carolina. Salisbury, Maryland; Marinette, Wisconsin; and Branson, Missouri, rounded out the top 12.
The most expensive vacation home hub, according to the ranking, is Key West, where the median home price is over $527K. Marinette is the most affordable, with a median price of just $96,600.
A second ranking recently broke down the nation’s top spots for second homes – not necessarily vacation homes. Chicago took No. 1 on that list.Verify your new rate (Oct 30th, 2020)
Get today’s mortgage rates
Want to get in on one of these hot vacation home markets? Shop around and see what mortgage rates you qualify for today. Remember, getting just one more quote can save you thousands.Verify your new rate (Oct 30th, 2020)