Do you want to buy a house by the lake? Upstate New York Village Named Best Place in America

Many of us who love the outdoors are constantly exploring the vacation rental market, especially near lakes. Boating, fishing, hiking and skiing are often popular activities for those looking for the perfect, quiet getaway away from the daily madness of everyday life. The vacation home market has exploded during the pandemic. Even with mortgage rates hitting decade-old highs, there’s still strong demand for that perfect lake house. A village in the Adirondacks can now lay claim to the title of “best place to buy a lakefront home.”

According Travel and Leisure, based on research by evolve.com, named Saranac Lake as the most sought-after home-buying destination in the United States. Located about 10 miles west of the Lake Placid Olympic Village, Saranac Lake is the largest village in Adirondack Park. Real estate brokers like Bob Martin, a broker with Four Seasons Sotheby’s International Realty, know the assets they deal with well. “It’s an outdoor lover’s paradise. We have millions of acres of wild forest land with rugged mountains for hiking or skiing, hundreds of lakes and ponds and thousands of miles of rivers and streams for fishing, swimming and boating.” These are the attributes many people seek, in addition to a village of over 6,000 people.

According to the article, Evolve considered three factors to determine its list; rental performance of properties, median home values ​​on Zillow, and estimated annual expenses. Saranac Lake came out on top with $25,294 in median rental income and a cap rate of 7.1%. These are impressive investment numbers for the Adirondack Village and according to the article, inventory on the lake remains low. Buyers are encouraged to be aggressive.

Louis Olds, director of property services at Evolve, told Travel + Leisure: “Saranac’s charm and outdoor activities during all four seasons make it an ideal town for investors who want to maximize their profits. With a median list price of $250,000, it’s a rare find. for investors looking to break into the lake home market.” Lake Saranac is located about 2 1/2 hours from Albany. Even if you’re not planning on buying a lakefront home, it’s worth the detour. It is certainly one of the most beautiful places in the United States