Top 10 places to buy a second home
When people think about a vacation home, a beach house or ski lodge is usually the first thing that comes to mind. Being cognizant of this, it might surprise you to learn that the top spots where Guaranteed Rate customers are buying second homes are actually Chicago and New York City.
Across the industry, beach locations are still the most popular places to purchase second homes according to a study conducted by the National Association of Realtors but as indicated by our data, second homes in the city are quite popular.
It’s important to note that the top states that we do business in are Illinois, California, Massachusetts, New York and Florida, which could explain some of our results below.
|1. Chicago, IL- Average second home mortgage price $277,000|
|Known as the city by the lake, Chicago is among the largest cities in the United States. Great culture, museums and food make this a popular second home spot for suburbanites looking for a city escape.|
|2. New York, NY – Average second home mortgage price $564,000|
|New York City is a world-class metropolis, known for its theater scene. While real estate can be pricey in New York, it is a coveted location.|
|3. Wilmington, NC- Average second home mortgage price $263,000|
|Wilmington is a classic southern beach town. A winding Riverwalk, history galore and sprawling beaches make this an ideal vacation spot.|
|4. Park City, UT – Average second home mortgage price $404,000|
|Home to the 2002 Winter Olympics, Park City is a skiers paradise. If you’re all about winter sports, this is the spot for you.|
|5. Naples, FL – Average second home mortgage price $313,000|
|Located on the Gulf of Mexico, Naples has everything you could want in a vacation town including white sand beaches and plenty of golf courses.|
|6. Sarasota, FL – Average second home mortgage price $381,000|
|Another notable Florida beach town, Sarasota is the perfect spot for relaxing on the beach. It is internationally recognized for Siesta Key beach, which is credited for offering the whitest and softest sand in the word.|
|7. Scottsdale, AZ – Average second home mortgage price $324,000|
|Whether an outdoor adventure, a day at the spa or golf is your thing, Scottsdale has you covered. With warm temperatures all year long, you’ll always have a warm getaway with a home here.|
|8. Ocean City, NJ – Average second home mortgage price $360,000|
|Located only a few hours from New York City and Philadelphia, Ocean City is the perfect summer getaway for city dwellers looking to spend weekends at the beach.|
|9. Surf City, NC – Average second home mortgage price $193,000|
|This family-friendly beach town is located on an island off the coast of North Carolina. If beaches and boating are what you’re looking for, this might be the perfect spot for you to get a second home.|
|10. Provincetown, MA – Average second home mortgage price $287,000|
|This quintessential New England beach town located at the tip of Cape Cod brings beaches and history together making it a perfect east coast getaway.|
*This list was created using Guaranteed Rate’s production database. The list is based on all second home loans Guaranteed Rate funded across the country between 4/6/2015-4/5/2016. Guaranteed Rate is licensed in all 50 states plus the District of Columbia. All mortgage prices were rounded to the nearest $1,000.
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