Michigan ranks second in vacation home purchase
Working from home and an urge to escape the pandemic are pushing the sales of vacation homes across the country.
The second-home purchase increased by about 46 percent nationwide from January through March, according to Relator.com. The number could be higher because cash sales are challenging to track.
The new vacation-home hot spots ranking include North Carolina, Michigan, Minnesota, Louisiana, New York, Hawaii, Colorado, Montana, Wisconsin and Massachusetts.
Sturgis city ranks the number one destination in Michigan, with an increase of 21.8 percent in a second-home purchase. The median home price in Sturgis is $187,900, according to the data.
With about 11,000 people, Sturgis City is halfway between Chicago and Detroit and offers a small-town feel. According to Realtor.com, the city is near fishing lakes and Camp Fort Hill, which offers 3,800 feet of shoreline along Tamarack Lake, according to Realtor.com.
Marion, North Carolina, ranks the number in that state and offers an affordable alternative to nearby Asheville and more expensive areas. It is a hilly area and boasts hiking trails and mountain living. The median sale price in Marion is $344,500, according to Realtor.com. Click here for information on the ranking.
One thing to keep in mind when buying a vacation home in the same state is that your property taxes for the second home are generally higher because most states allow residents to claim a homestead exemption on one house only.
HGTV.com offers a helpful guide on buying vacation homes, such as deciding when is the right time to buy, know what to look for, explore financing options and negotiating with sellers, learn the tax ins and outs and research ownership options. Click here for more information on the guide.
