The top 10 affordable lake towns in the US
- Homebuyer interest for retreat-like homes is soaring across the US, making for very competitive markets.
- Realtor.com rounded up the most affordable lake towns in the US right now.
The site analyzed its listings for home descriptions mentioning 'lake' or 'lake house,' and further by limiting results to one per state, each having at least 50 listings (factoring in second and vacation homes), and number of hotels and other attractions.
Each category was ranked and weighted, with priority given to price, lodgings, and seasonal-recreational homes. The median value for each is above the national median home price.
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In the midst of the coronavirus pandemic, space and affordability have taken the center stage for prospective homeowners.
With working from home, social distancing, and limited travel ability the new norm for many, lake towns offer spacious, retreat-like environments and are oftentimes more affordable than beach towns. But with such high demand and low supply, markets across the US, beach towns and lake towns alike, are highly competitive with home prices on the rise.
A report by Realtor.com rounded up the best affordable lake towns in the US. To do this, they looked at homes that were listed in the spring with the words "lake" or "lake house" mentioned in the description, with a lake nearby. They ranked each using the following metrics: the median home prices, percentage of second homes and vacation homes in the area, number of hotels and lodging establishments, and number of water-based businesses and attractions. (It also limited the list to one lake town per state.)
The large presence of midwestern towns on the list points to a increase in interest in the region, which boasts larger spaces for cheaper prices.
Keep reading for the 10 most affordable lake towns in the US right now.
10.Hot Springs Village, Arkansas
Median price of a lake home: $627,800
9. Ely, Minnesota
Median price of a lake home: $604,900
8. Spirit Lake, Iowa
Median price of a lake home: $792,000
7. Wisconsin Dells, Wisconsin
Median price of a lake home: $437,000
6. Vermilion, Ohio
Median price of a lake home: $557,800
5. Gouldsboro, Pennsylvania
Median price of a lake home: $371,500
4. Chelan, Washington
Median price of a lake home: $549,500
3. Glen Arbor, Michigan
Median price of a lake home: $390,000
2. Branson, Missouri
Median price of a lake home: $444,900
1. Chestertown, New York
Median price of a lake home: $493,900
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