Those in the market for a vacation home may want to look at Blue Ridge.
The northern Georgia mountain town is among the top places to buy a vacation home, according to a recent report.
“The red-hot real estate market of the past year may be starting to cool ever so slightly, but consumer demand for vacation rental real estate is still burning bright,” Vacasa, a vacation rental management platform, said. “From coast to coast, we rank our top 25 markets based on cap rate, or rate of return on your investment, and provide helpful data points including median home sale price and annual gross rental revenue.”
Vacasa’s 2021 Vacation Rental Buyer Report showed that 36.4% of in-market buyers hope to spend under $399,999. Thankfully, the majority of the 25 best places to buy fit that price point.
At No. 6 is Blue Ridge, which is a popular spot for cabin rentals. The median home price is $290,934 and there’s a 6.1% cap rate. Yearly gross rental revenue is estimated to be $38,266.
“Any destination where you can stand in two states at once is always a draw, right? Guests in Blue Ridge can do just that, with one foot in Georgia and the other just north in Tennessee,” Vacasa said. “But after that photo op is complete, guests can dive into the lush nature and all the activities Blue Ridge has to offer. There are so many memorable experiences to have in the Peach State — like chasing one of the 16 waterfalls found along popular hiking trails, horseback riding among the rolling hills, and catching some fresh trout to throw on the grill of your vacation home. In the Peach State, oddly enough, it’s apples that draw visitors in the fall, with a plethora of orchard festivals. Owning a vacation home in Blue Ridge will run you just under $300,000 — how do you like them apples?”
According to the 2021 Vrbo Trend Report, cabins and chalets were the most popular properties for families.
The online vacation rental marketplace said demand for cabins grew 25% year-over-year, while chalets increased by nearly 20%.
“Renting out a vacation property, such as a cabin, is an excellent way to offset the cost of ownership of the property,” Adam Annen of HomeAway told CabinLife.com. “The average vacation rental owner on HomeAway is able to gross about $28,000 in rental income from their property.”
The website reported around half of HomeAway owners can cover at least 75% of their mortgage through renting.
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