Finance: The 15 most expensive vacation towns in America — and how much it costs to buy a home there – Finance
Buying a vacation home may be as close as you can get to buying peace of mind.
That is, unless you spend too much money and cause yourself endless headaches as a result.
Vacation homes, which accounted for 12% of all home sales in 2016, according to the National Association of Realtors (NAR), tend to be located 200 miles from the buyer’s primary residence. Being near a beach (36%), at the lake (21%), or in the country (20%) were the most popular destinations.
To avoid vacation-home stress, the standard measure for “affordable” housing still applies. All in — between your primary residence and your getaway home — total monthly housing expenses should not exceed 30% of your pre-tax income.
Many vacation-home buyers keep their monthly carrying costs low by paying more upfront. About one in four (28%) buyers paid cash for the purchase, and among those who used a mortgage, nearly half put down 30% or more, according to the NAR.
The median vacation home buyer in 2016 earned $89,900 and paid $200,000 to purchase the property.
But that price is only a fraction of the cost to buy a home in the most expensive vacation towns in the US, based on data from real estate listing website Trulia. Trulia compiled the most expensive vacation markets in the US based on median listing prices. To be included in the ranking, each zip code had to have at least 3,000 homes with 5% vacant for seasonal or occasional use.
Keep reading to see how much it costs to buy a home in the 15 most expensive vacation towns in America.
15. Sanibel, Florida
Median Listing Price: $759,000
14. Islamorada, Florida
playIslamorada is part of the Florida Keys.
(Shutterstock/pisaphotography)
Median Listing Price: $775,000
13. Harvey Cedars, New Jersey
playHarvey Cedars is located on Long Beach Island, in New Jersey.
(Shutterstock/Michael Moloney)
Median Listing Price: $798,500
12. Shell Beach, California
playShell Beach is part of California’s Central Coast.
(Shutterstock/Tupungato)
Median Listing Price: $829,211
11. South Chatham, Massachusetts
playSouth Chatham is located on Cape Cod.
(Shutterstock/Patricia Hofmeester)
Median Listing Price: $885,619
10. Stone Harbor, New Jersey
playThe town of Stone Harbor makes up half of Seven Mile Island near Cape May, New Jersey.
(Getty/Andrew Renneisen)
Median Listing Price: $962,500
9. Avalon, New Jersey
playThe town of Avalon makes up the other half of Seven Mile Island, near Cape May, New Jersey.
(Shutterstock/Jon Bilous)
Median Listing Price: $1,149,000
8. Vail, Colorado
playA popular destination for skiing, Vail receives an average of 200 inches of snowfall each year.
(Shutterstock/Steve Estvanik)
Median Listing Price: $1,267,626
7. Naples, Florida
playNaples is located on the Gulf of Mexico in Florida.
(Shutterstock/Philip Lange)
Median Listing Price: $1,271,170
6. East Hampton, New York
playEast Hampton is located on the eastern end of the South Shore of Long Island.
(Sotheby’s)
Median Listing Price: $1,428,660
5. Montauk, New York
playMontauk is the easternmost town on the South Shore of Long Island.
(Compass)
Median Listing Price: $1,508,075
4. Park City, Utah
playThe Sundance Film Festival takes place annually in Park City, Utah.
(Courtesy of CASTILLO & RUIG COMMUNICATIONS)
Median Listing Price: $1,625,000
3. Carmel, California
playCarmel-by-the-Sea, often called simply Carmel, is located on California’s Monterey Peninsula.
(Carmel Realty Co.)
Median Listing Price: $1,650,000
2. Sag Harbor, New York
playSag Harbor is a village in the Hamptons located on the Long Island Sound.
(Flickr/galfred)
Median Listing Price: $1,825,000
1. Southampton, New York
