The 12 Best Places to Buy a Lake House Vacation Rental in 2024

New York’s Finger Lakes region is home to 11 pristine lakes located just south of Lake Ontario. A year-round destination for families looking to escape city hustle and bustle, the area offers a wide array of museums, attractions, wineries, and scenic state parks. This impressive draw for travelers translates to strong profit potential for investors, which is how top Evolve homes in the Finger Lakes pull in over $72,000 — more than double the median annual revenue.

This region is the most affordable on average in comparison to other best places to buy a lake house, making it easier to break into the market on a tighter budget. When investing in the Finger Lakes, our real estate experts recommend searching in Seneca Falls, Geneva, and Penn Yan for that perfect waterfront property — as water access is a key amenity in this part of the country. 

Just note: many towns in the Finger Lakes region have permitting and zoning restrictions, so familiarize yourself with the regulations in your chosen area and connect with local officials for a deeper understanding of how they apply.

Tucked in the world-famous Adirondack Mountains, the charming village of Saranac Lake boasts scenic views, laid-back vibes, and plenty of things to do. From boating during the summer to leaf-peeping and mountain biking in the fall, a Saranac Lake vacation rental investment is ideal for those looking to maximize multi-season bookings. 

While lakefront homes can get more expensive than the area’s median listing price — and top-performers often offer direct lake access — owners don’t need to be right on the water to find success. Other high-earners are in close proximity to the historic downtown (or nestled in a wooded area for added privacy), and are pet-friendly. 

One thing all top-performing lake house rentals in this area have in common: they’re cabins. Keep this popular home type in mind when starting your search to grab the most attention from eager bookers.

Traverse City is a treasure on the shores of Lake Michigan. With famous cherry blossoms, vineyards, and woodlands around every turn, show-stopping views are not hard to come by. Speaking of views: it is possible to find a home with great sights of Lake Michigan, but the area is also dotted with many smaller lakes that offer equally awe-inspiring scenery.  

In fact, Evolve’s most successful homes in Traverse City tend to sit on Silver Lake, Long Lake, Island Lake, and Bass Lake. According to our experts, they also have direct lake access and frequently-booked amenities like private docks, hot tubs, and fire pits.

Even better: cap rate — which is the ratio between a property’s net income and its market value — has gone up since last year, meaning owners have potential to see an even stronger return on their investment. This is because median listing prices have remained relatively level while owners earned more annual income on average.

Traverse City tourism has also almost completely recovered since the COVID-19 era, so it’s no surprise there’s growing demand for vacation rentals in this area. Vacationers looking to expand their horizons beyond lake life will find ample opportunities for fun, from exploring the sweeping vistas and pillowy-soft sands of the Sleeping Bear Dunes to diving into Traverse City’s thriving arts scene.

Pocono Lake is a quaint and peaceful area in the Pocono Mountains, best known for its spectacular landscapes and wide selection of exciting things to do. Nature meets adventure here for an endless supply of fun, from whitewater rafting in the summer to vibrant foliage and festivals in the fall. Plus, its close proximity to several major ski resorts makes Pocono Lake a solid choice for investors looking to secure year-round bookings. 

Vacation rentals in this area are frequently in high demand, yet the property purchase price remains reasonable compared to other best places to buy a lake house. Our experts say that top-performing Pocono Lake vacation rentals are either lakefront properties with private docks and beaches, or houses located within prestigious lake communities (like Arrowhead Lake Village) with a quick walk to the shoreline. It’s homes like these that have top Evolve owners bringing in more than double the median rental revenue.

HOA regulations can be a deterrent in the Pocono Lake area, however, so investors should work with a local agent who can help them navigate those rules and find a property with high-performing potential in this strong market.

With over 200 miles of shoreline and a convenient location just an hour and a half from Washington, D.C., Lake Anna is one of Virginia’s top destinations for water enthusiasts — making it, naturally, one of the best places to buy a lake house. But this idyllic paradise beckons all types of travelers with attractions beyond water sports, like wineries, restaurants, outdoor markets, and historic attractions.

When buying a Lake Anna investment property, our experts advise honing in on the cities of Bumpass, Mineral, and Louisa. Those with four to six bedrooms, large decks, boat docks, and spacious backyards tend to earn the most — and it doesn’t hurt to offer kayaks and a fire pit to entice guests to book your rental over someone else’s. 

While larger estates and luxe amenities typically come with a steeper upfront cost in Lake Anna, those who can swing the investment tend to see much higher results — that’s why top Evolve owners in the Lake Anna area are earning nearly three times the median revenue.

Set in the heart of Missouri, Lake of the Ozarks is a premier vacation destination for families that boasts natural wonders, recreational activities, and entertainment venues. From sparkling lake vistas and sunny beaches to rolling hills and lush forests, Lake of the Ozarks offers jaw-dropping beauty everywhere you look. As if this didn’t add enough value to the area, Branson also sits just an hour away — perfect for an easy day trip. 

With more shoreline than the coast of California — 1,100 miles, to be exact — there are over 40 towns with potential to be the best place to buy a lake house in the area. Our experts recommend investors concentrate their search on Osage Beach, Lake Ozark, Sunrise Beach, and Camdenton for maximum profit opportunity. 

Top Evolve owners earning more than double the median rental revenue here either sit on the lake, boast incredible lake views, and/or are located in or near popular resort communities like Margaritaville.

Located along the Mississippi River, the Brainerd Lakes area is a quintessential lake destination where small-town charm and adventure collide. Visitors can immerse themselves in the scenic beauty by hiking or biking through miles of trails, kicking back on a boat cruise, and sunbathing on one of the many public beaches. During summer, the Lakes Area Music Festival also brings in hundreds of artists for epic live shows. 

With a whopping 450 lakes in the Brainerd Lakes area, it’s not hard to find a waterfront property. However, our experts recommend focusing your search on Nisswa, Pequot Lakes, and Crosslake to increase potential for a strong return on your investment. 

High-performing vacation rentals sit primarily on those three lakefronts, and offer guests private beaches and fire pits along with indoor perks like fireplaces and saunas. As a result, some Evolve owners make nearly three times the median rental revenue.

Northwest Montana’s sprawling Flathead Lake covers over 200 square miles and plays host to an abundance of outdoor adventures for all types of vacationers — including sailing, swimming, fishing, hiking, horseback riding, and waterskiing. 

With tons of blissful shoreline, there are several towns in the Flathead Lake area where waterfront vacation rentals perform well, including Bigfork, Lakeside, and Somers. Evolve owners in these communities bring in more than double the median rental revenue with spacious homes and large decks overlooking sensational lake views.  

Because very little inventory across these three towns doesn’t sit lakefront, properties tend to be more expensive. That’s one reason why the median listing price is higher than other great places to buy a lake house. Investors on a budget can expand their search to the nearby town of Kalispell, where proximity to Flathead Lake drives similar demand. This can help you take advantage of lower list prices — without sacrificing income potential.

Plus, there’s great news for investors looking to move quickly on setting up shop: there’s no red tape in this area beyond a standard operating permit, so getting your vacation rental in front of potential bookers can be pretty seamless when working with the right management company.