Snow way!
Colorado has been hailed as the quarantine location of choice for the young and affluent. And while Montana may be home to several of the best cities to move to after the pandemic, it's also a strong bet if you're looking to buy a vacation property right now.
Rental property management company Vacasa just released its annual report on the top 10 places to buy a vacation house. Keep in mind that many of the places listed still have COVID-19 safety precautions in place, meaning that their usual activities and amenities may not be open.
Colorado makes several appearances on the list, although Montana does swoop in to nab the top spot. A few classic New England enclaves also made the cut.
The report is based on a location's cap rate— in short, the rate of return on a real-estate investment. Last year, Vacasa's data trends analyst Thaddeus Hanscom told Insider how the cap rate is calculated: take the property's potential income, subtract any operating expenses, then divide by the purchase price. Vacasa also factored in the markets that have higher average occupancy rates during the winter.
Pandemic-related demand for picturesque locations from folks who are able to work remotely can factor into the decision to take the plunge and buy a seasonal property.
"The spotlight cast on professionally managed vacation homes over the past year not only resulted in an increase in bookings throughout the majority of our portfolio, but also in short-term rental buyer interest," Shaun Greer, the vice president of sales and marketing for Vacasa, said in a statement.
Below, we listed the top locales in reverse order from 10th to first.
SEE ALSO: The top 10 vacation rental markets for real estate investors
10. Mammoth Lakes, California
Median sale price: $495,201
Cap rate, or potential return on investment: 4.8%
9. Granby, Colorado
Median sale price: $452,365
Cap rate, or potential return on investment: 5.0%
8. Steamboat Springs, Colorado
Median sale price: $497,000
Cap rate, or potential return on investment: 5.8%
7. Breckenridge, Colorado
Median sale price: $588,324
Cap rate, or potential return on investment: 5.9%
6. Big Bear Lake, California
Median sale price: $313,667
Cap rate, or potential return on investment: 6.0%
5. Vail, Colorado
Median sale price: $648,651
Cap rate, or potential return on investment: 6.1%
4. Killington, Vermont
Median sale price: $218,917
Cap rate, or potential return on investment: 6.2%
3. Conway, New Hampshire
Median sale price: $238,930
Cap rate, or potential return on investment: 6.5%
2. Poconos, Pennsylvania
Median sale price: $200,190
Cap rate, or potential return on investment: 8.2%
1. Big Sky, Montana
Median sale price: $541,842
Cap rate, or potential return on investment: 9.2%