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Buying a second home, whether it’s a lake house or a house on the beach, is a pretty significant investment for most. It can also come with many benefits, like a side hustle or extra income if you use the space as a rental property.
In June, Realtor.com, in collaboration with AirDNA, released their ranking of the top 10 places to buy a beach house in the U.S. to use as a short-term rental. In order to rank the top 10 places, the report looked at:
Of the top 10, six were in the South, while the rest were scattered across the Midwest, East Coast, and Pacific Northwest.
Median home price: $497,237
Annual revenue potential: $41,995
Expected yield: 19.8%
Known as one of the oldest vacation communities in the southeast, Pawleys Island offers residents and visitors the chance to explore picturesque coastlines.
Pawleys Island, South Carolina
Jupiterimages | Photos.com>> | Getty Images
It’s about 35 minutes away from Myrtle Beach and has no retail shops or restaurants. Instead, it’s about a 3-mile island with beach rental homes and limited public beach parking and access.
Realtor.com notes it’s important to check the short-term rental laws in the area. The City Council is considering implementing changes that will affect the number of permits the island gives out and an annual fee for those who already have a property on the island.
The east coast of Michigan, also known as the Sunrise Coast, ranked as the No. 2 best place to buy a beach house to use for short-term rentals. The coast has a:
Median home price: $208,513
Annual revenue potential: $20,265
Expected yield: 16.7%
The Tawas Point Light is located along the Michigan East Coast.
Dennis Macdonald | Photodisc | Getty Images
Those looking to buy a beach house in this area have the advantage that Michigan doesn’t have any statewide rules regulating the short-term rental market yet. That might change, though, because a bill was introduced in April that would bring forth new regulations.
Michigan’s East Coast is located along US-23 and is home to Lake Huron and hundreds of miles of breathtaking beaches. Some of the places along the coast include Standish, Au Gres, the Charity Island Lighthouse, and more.
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This article was originally published by a www.cnbc.com . Read the Original article here. .