Financial Trends & Real Estate
Financial Trends & Real Estate
by Jacques Poujade
Many individuals dream of having a home away from home and for a number of these people, a property within walking distance of the beach is a major part of the dream. The rapidly approaching summer months stand as a reminder to those who plan to make this dream a reality that the time is now to start looking for a vacation property. Without further ado, here are six of the most affordable places to buy a vacation property.
With its year-round warm weather and a median sale price of $275,000, Miami has something for everyone. For music lovers, Bayfront Park in downtown Miami hosts the annual Ultra Music Festival. Additionally, there are those famous beautiful beaches. Along with the previously mentioned beaches, Miami is best known for its culture, lifestyle, and its pulsating night life.
While Knoxville might not be as popular as Nashville and Memphis, the median home value is $167,300, which provides the opportunity for you to own a beautiful vacation property at a very affordable cost. Additionally, if you rent the property during the year, you could earn over $25,000 that can be put towards paying off the purchase cost of the home in a shorter period of time.
With mountains, history, and the University of Tennessee, Knoxville is a great place for those looking to enjoy nature and escape from day-to-day to life.
For Daytona Beach, its main appeal is its spectacular beach that spans roughly 20 miles in length along the coast. With a median sale price of $136,000, this location is among the more reasonably priced coastal areas; this is one of the main reasons many people gravitate to it. The warm climate and its proximity to Orlando and Jacksonville are also remarkable perks.
You can purchase a vacation property in Myrtle Beach here even if you are not a millionaire. With a median home value of $147,400, the full purchase price could be paid off with rental income in approximately five and a half years. Myrtle Beach is home to the Grand Strand, or more than 60 miles of uninterrupted coastline.
The glistening beaches of Galveston, its quaint historic downtown shops, and a median home value of $224,000 are sufficient to make many folks want to buy a vacation home there. The island offers remarkable live music and a multitude of museums as well. Whenever you choose to visit, there is always some fun and interesting activities to participate in. These include sand castle competitions and movie nights.
With a median home value of $146,100, you can find an affordable vacation property in Kansas City. Kansas City is a great vacation town for barbecue aficionados, as well as sports fans. In addition, the property can be used to generate significant rental income with which the purchase price of the home can be paid off in roughly six years.
