A second home can serve a dual purpose for homeowners. Firstly, it can provide them with another place to reside should they want to enjoy winter or summer vacations. Secondly, since homes will increase in value over the time that you own them, they also can be a rather lucrative and relatively safe investment.
There are also some great places that one can choose to look for second homes in the U.S. And according to the Federal Housing Enterprise Oversight, which creates and compiles information and data regarding home prices and growth in major cities, there are some cities that top the list for areas to purchase a second home.
1. Asheville, N.C. is listed as a top place to purchase a second home. This mountain town is known for its swath of high valued homes. In fact, over the past five years the home prices have risen at least 35%.
2. Park City, Utah is a winter sports neophyte’s best dream come true. It can provide the ideal setting for a second home. And prices on homes have risen between 5-7% this year alone.
3. Ashland, Oregon offers some unsurpassed beauty and some of the finest weather imaginable. There are numerous annual festivals that take place here, including the popular Oregon Shakespeare Festival. Home prices are skyrocketing, up about 40% since the late 90s.
4. South Lake Tahoe, California is booming. The attraction of a body of water brings in thousands of visitors per year and offers the idyllic setting for a nice summer home. According to the local real estate numbers, prices are soaring, up nearly 21% from the year prior.