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Small town in upstate New York named best place to buy a lake house

Small town in upstate New York named best place to buy a lake house
Posted at 2:45 PM, Nov 02, 2022
and last updated 2022-11-02 10:46:25-04

A house on a serene, lovely lake is a dream for many of us. But there are nearly half a million lakes in the 48 contiguous states, each with unique attributes. So if you wanted to make it a reality, how would you pick the perfect location?

According to a recent report, a village nestled among the mountains and lakes of New York’s Adirondacks should be at the top of your list. This magical location is Saranac Lake, N.Y.

Vacation property management company Evolve developed a list of the best places to buy a lake house investment property. To come up with the 12 top spots, the company looked at lake towns with high median revenue, good vacation rental performance metrics, lower estimated expenses to run a vacation rental, and the potential to exceed market expectations.

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About Saranac Lake

With a population of about 5,500 residents, Saranac Lake in the Adirondack Mountains offers small-town living surrounded by stunning views of nature. The median list price for a home there is $250,000, and median rental revenue is $25,294. The cap rate (the ratio between the property’s net income and its market value) is 7.1%.

For those who consider leaf-peeping a favorite pastime, the autumn beauty will not disappoint. Saranac Lake ADK, a Facebook page run by the Regional Office of Sustainable Tourism, shared a photo of the area at the midpoint for fall foliage.

There’s also no shortage of things to do in Saranac Lake. Outdoor activities range from birding in the spring and paddling on the lake every summer to hiking in the fall and cross-country skiing in winter. And events like the Adirondack Plein Air Festival, Third Thursday Art Walks and the Saranac Lake Winter Carnival offer something for everyone.

Other Top Places To Purchase A Lake House

Lake locations around the U.S. also made the list. For example, at No. 2, Branson, Missouri offers distinctive entertainment and more than 750 miles of shoreline on Table Rock Lake.

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Minnesota’s Brainerd Lakes area has investment options in several towns, including Pequot Lakes, Nisswa, Emily, Brainerd Lake and Crosslake.

Traverse City, Michigan, is fourth on the list — but not for its location on the banks of Lake Michigan. Several smaller lakes in the area with homes at lower price points include Silver Lake, Long Lake and Island Lake.

Rounding out the top five on Evolve’s list is Smith Mountain Lake in Virginia, known as “the Jewel of the Blue Ridge Mountains” and boasting a 500-mile stretch of shoreline along the largest body of freshwater in the state.

Check out Evolve’s complete list to see if your dream lake house location was included.

This story originally appeared on Don't Waste Your Money. Checkout Don't Waste Your Money for product reviews and other great ideas to save and make money.