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1. The best place to buy a vacation home in Massachusetts: Cape Cod
1. The best place to buy a vacation home in Massachusetts: Cape Cod
Cape Cod takes the top spot with good reason – it is the most famous seaside destination in Eastern US, offering countless opportunities for boating, lobster fishing, or just lying on a stunning beach dune during the summer. It remains the most profitable destination to buy a second home in Massachusetts. Nicole Blanchard, real estate specialist and co-founder of 617 Living (opens in new tab), said: ‘First and foremost is Cape Cod, most notably Provincetown for rental opportunities. With people working from home, Cape Cod became a very hot market for buyers looking for a place outside of the city. ‘Some wanted to owner occupy, so that they had access to get back into Boston if they needed to get to their office. Others purchased as investment – with the price of vacation rentals, you can potentially cover your annual carrying costs just by renting the home with weekly or monthly rentals over the summer season.’ It really doesn’t get much better than that.
2. The historic runner-up: Taunton
2. The historic runner-up: Taunton
Massachusetts is not all about the sea, however. It has some of the richest heritage in the United States, with towns dating back to the 17th century. Taunton is one such historic town that is popular with visitors – and well worth investing in. Martin Orefice, real estate expert and founder of Rent To Own Labs (opens in new tab), said: ‘Taunton is a lucrative choice. Located on the Taunton River, 40 miles south of Boston, Taunton is one of the oldest cities in the US. It boasts an average of 304 leads per property, which makes it a top choice for vacation home investment. The home and rent values stand at $295k and $1418 respectively, making Taunton a great place for consistent rental income.’
3. The charming Boston suburb: Quincy
3. The charming Boston suburb: Quincy
For Boston residents who don’t necessarily want to venture too far out of the city, a picturesque suburb like Quincy is a dream come true. It has a scenic bay, beaches, and nature reserves. Martin comments: ‘Quincy has a good appreciation rate. As per the recent trends, home values in Quincy have increased at an average rate of 5.1% year by year. Plus, with an average rent of $2,083 and a median sale price of $460,000, Quincy is a profitable place for vacation home investment. ‘As one of Boston’s immediate suburbs, it is a place that is always on the radar of retirement professionals who need an escape from urban life.’ With amazing rental yields and scenic spots to enjoy with the family, Massachusetts is one of the best states to buy a vacation home in, without a doubt.
