Posted 05/09/2018

NJ town takes crown in vacation home rankings

vacation home

Aly J. Yale

The Mortgage Reports Contributor

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.

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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.

Luxury real estate options abound, though tax reform could stall growth

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.

Getting a mortgage on a second home or vacation property

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.

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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.

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Aly J. Yale

The Mortgage Reports Contributor

Aly J. Yale is a mortgage and real estate writer based in Houston. Connect with her at AlyJYale.com or on Twitter

The information contained on The Mortgage Reports website is for informational purposes only and is not an advertisement for products offered by Full Beaker. The views and opinions expressed herein are those of the author and do not reflect the policy or position of Full Beaker, its officers, parent, or affiliates.

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