Buying a second home may seem like a pipe dream, something reserved for only the most well-off. But in reality, that’s far from the truth. Buying a second home is more doable than you might think for homeowners of all income levels who are looking to make a property investment or just have a place to vacation. According to a Redfin study, demand for second homes skyrocketed over the pandemic, growing an astonishing 84% year over year.
Where you purchase your second home can make or break your investment, not to mention how much enjoyment you get from your new pad. To help ensure you make the right decision for your needs, the team at Hippo analyzed data such as median home costs, average home insurance premiums, property value gain, crime rates and much more for the 100 most populous cities across the nation.
Top cities for a second home
If you don’t have your heart set on living in any particular part of the country but feel you’re financially ready to buy a second home, consider any of the following cities to settle down. With low median housing prices, relatively low property crime rates and high walkability scores and comfort indexes, these cities are perfect for families and young homeowners alike.
1. Fort Wayne, Indiana
2. El Paso, Texas
3. St. Louis, Missouri
4. Glendale, Arizona
5. Laredo, Texas
6. Boise, Idaho
7. North Las Vegas, Nevada
8. Bakersfield, California
9. Riverside, California
10. Tucson, Arizona
5 best Western cities to buy a second home
The biggest region in the United States, the Western portion of our country is a melting pot of landscapes, cultures and activities. This means if you aren’t quite sure where you want to buy your second home yet, but you know what you want to be nearby, it’s safe to assume you’ll find what you’re looking for in this portion of the country. From the bright lights and casinos of Las Vegas to the perfect temps and beaches of sunny California, there is something for everyone in the Western half of the U.S.
Unfortunately, many states on the West Coast are known for their high cost of living and sky-high home prices. But that doesn’t mean there aren’t great places to purchase property. You just might be surprised at the affordability of some of the smaller cities peppered throughout the region. Take a look at the top five cities for a second home in the West below.
Are you surprised to see a California city on our list? Don’t be! While housing prices may be relatively high (although extremely low when compared to its neighbor Los Angeles), the city’s affordable home insurance premiums, cost of living, comfort index and continually rising property value make investing in Riverside a no-brainer. Riverside also boasts one of the lowest costs of living and highest comfort indexes in all the cities we studied, making California dreamin’ no longer just a dream for many homeowners.
With even lower home and home insurance prices than Riverside, Bakersfield, California, takes the fourth spot on our list of best cities for a second home in the West. Bakersfield earned an A+ rating for ethnic and economic diversity, making it a strong choice for young professionals looking to expand their real estate portfolio. Plus, the proximity to mountains, beaches and major cities combined with a low cost of living solidifies Bakersfield as a little-known gem of the Golden State.
A stone’s throw away from the hustle and bustle of the Las Vegas Strip, buying a second home in North Las Vegas, Nevada, is an awesome idea for younger homeowners. Whether you want to live close to the action or you’re just planning on leasing out the property to tourists to make some cash, this suburb of Vegas can be a perfect fit. And if you’re a NASCAR fan, you’ll love the proximity to the Las Vegas Motor Speedway, which also hosts various dirt and drag racing events.
Want to own a home in a city where you can go to a jazz festival, watch minor league sports teams and go skiing and hiking all within city limits? Then head on over to Boise, Idaho, a city perfect for families due to its low crime rate, highly regarded schools and huge property ROI. In fact, Boise saw the most considerable property value increase over the last 10 years out of all 100 cities we studied.
A northwestern suburb of Phoenix, Glendale, Arizona, has secured the top spot in the Western region due to its affordable home insurance premiums, high property value growth rate and walkability rating. But outside of the numbers, Glendale draws people in with its fun attractions such as the West Wind Drive-In and a vast array of antique stores that have earned Glendale the nickname “Arizona’s Antique Capital.”
About Hippo: Hippo’s goal is to make homes safer and better protected so customers spend less time worrying about the burdens of homeownership and more time enjoying their homes and the life within. Harnessing real-time data, smart home technology, and a growing suite of home services, Hippo is creating the first integrated home protection platform. Hippo is headquartered in Palo Alto, California with offices in Austin and Dallas, Texas and insurance products available to more than 80 percent of U.S. homeowners in 37 states. For more information, visit http://www.hippo.com.