Saranac Lake, NY, is the No. 1 best place to buy a lake house in 2023

The summer season is approaching, and the demand for lakefront homes is increasing. A quaint lake house may become your next escape from the city or an investment property that would generate passive income. A vacation rental company, Evolve, analyzed lake towns across the country and released their ranking of the top 12 places to buy a lakefront property.

From Lake Placid in the Adirondack Mountains to Big Bear Lake in southern California, Evolve ranked lake towns in the United States using the following metrics: vacation rental performance, Zillow’s 2022 median home value, and estimated annual expenses. The company named Saranac Lake, NY, the best place to buy a lake house this year. 

This historic town in upstate New York is the perfect destination for those looking to enjoy the fall foliage or take ski lessons. However, Saranac Lake is located 5 hours away from New York City and, therefore, it is best suited for those working remotely. Homes in this area sell for a median of $250,190 and have a cap rate of 7.1 percent, according to Evolve.  

“True lakefront properties can be more expensive than that average, but our Real Estate Services (RES) team says being waterfront isn’t a requirement of a well-performing vacation rental here,” Evolve report reads.“The lake town feel is present throughout this quaint area, and an artsy downtown Main Street is another major selling point for travelers.”

Branson, MO, ranked second on the list. This city sits near Table Rock Lake, Lake Taneycomo, and Bull Shoals Lake. The median home price in Branson is $232,208. However, Evolve notes that properties near Table Rock Lake have a higher price tag that could climb above $600,000. The example cap rate is 5.9 percent. 

Brainerd Lakes, MN, rounded up the top 3 list. With public beaches, amusement parks, mountain biking trails, and highly-rated golf courses, Brainerd Lakes is the ideal year-round vacation destination. The median listing price of a home in this area is $346,333. Potential investors could expect a 5.5 percent cap rate. 

Image credit:

heipei (Flickr)

Resources:

“The 12 Best Places to Buy a Lake House in 2023,” by The Evolve Team, (Evolve, 2023)

“Top 10 places in the U.S. to buy a lake house in 2023 based on vacation rental performance, home value and more,” by Celia Fernandez (CNBC, 2022)

“This Charming Small Town in Upstate New York Was Just Named the Best Place to Buy a Lake House in 2023,” by Dobrina Zhekova (Travel+Leisure, 2022)

“This Idyllic Destination Is Called 'Minnesota's Playground' — and It's One of the Best Places to Buy a Lake Home in the U.S.” by Dobrina Zhekova (Travel+Leisure, 2023)