The Best Places to Buy a Lake House in 2024 (Top U.S. Markets for Investors)

The Evolve Team

September 5, 2023

With postcard-worthy views, small-town charm, and endless outdoor recreation, it’s no surprise that lake house vacations continue to rank among travelers’ favorites in the U.S. Guests can spend their days hiking scenic trails, boating across calm waters, or simply unwinding on the dock as the sun sets — wine glass optional.

That growing demand has made lake house vacation rentals especially appealing to investors. In fact, 61% of families say they prefer outdoor-focused destinations over urban ones, and lake towns consistently check every box: space, scenery, privacy, and year-round appeal.

With nearly 500,000 lakes across the U.S., choosing the right market can feel overwhelming. To simplify your search, our real estate experts analyzed performance data nationwide to identify the best places to buy a lake house in 2024 based on revenue potential, home prices, and operating costs.

In This Article:
Finger Lakes, NY
Saranac Lake, NY
Traverse City, MI
Branson, MO
Pocono Lake, PA
Buckeye Lake, OH
Lake Anna, VA
Lake Winnipesaukee, NH
Lake of the Ozarks, MO
Brainerd Lakes, MN
Canyon Lake, TX
Flathead Lake, MT

How We Chose the Best Lake House Investment Markets

Our rankings are based on a combination of proprietary and public data, with a focus on three key factors:

Vacation rental performance: Focused on lake destinations across the U.S., including bookings and median annual revenue

Median listing prices: Using Zillow, Redfin, and internal data

Estimated operating expenses: Approximately 30% of total revenue, used to calculate cap rate

We also evaluated each market’s ability to outperform averages with an Evolve partnership. Throughout the list, you’ll see examples of how top-performing owners significantly exceed projected revenue.

Note: All projections reflect ideal-state scenarios. Owner use, blocked calendars, and unexpected events (such as natural disasters) are not included.

1. Finger Lakes, NY

Photo of a sunset over Seneca Lake, NY with the sun glowing through wood pilings poking out of the water. Image text reads, “$31,434 median rental revenue. $202,257 median listing price. 10.9% example cap rate.”

Home to 11 scenic lakes just south of Lake Ontario, the Finger Lakes region is one of the most affordable lake house markets on this list. Water access is a major value driver here.

Why it works: Year-round demand from wineries, museums, and state parks

Top locations: Seneca Falls, Geneva, and Penn Yan

Watch for regulations: Many towns have permitting and zoning restrictions

Evolve Advantage: Our owners have earned up to $72,625 annually!

2. Saranac Lake, NY

Photo of colorful fall foliage over reflective water near Saranac Lake, NY, one of the best places to buy a lake house. Image text reads, "$29,151 median rental revenue. $264,598 median listing price. 7.7% example cap rate."

Located in the Adirondack Mountains, laid-back Saranac Lake attracts travelers seeking nature, privacy, and small-town charm.

Multi-season demand: summer boating, fall leaf-peeping, and mountain biking

Best-performing homes: Cabins with pet-friendly policies

Location flexibility: Lakefront performs best, but wooded homes or properties near the historic downtown also do well

Evolve Advantage: Our owners have earned up to $43,291 annually!

3. Traverse City, MI

A grassy beach in the foreground and waves crashing on the shore in the background in Traverse City, MI, one of the best places to buy a lake house. Image text reads, “$40,191 median rental revenue. $424,731 median listing price. 6.6% example cap rate.”

Set along Lake Michigan and surrounded by smaller inland lakes, Traverse City blends waterfront beauty with vibrant culture. Cap rates have increased due to steady pricing and rising revenue, meaning there’s potential for even stronger ROI.

Why it works: Vineyards, woodlands, a thriving art scene, outdoor recreation at Sleeping Bear Dunes, and famous cherry blossoms

Top lakes: Silver Lake, Long Lake, Island Lake, and Bass Lake

High-demand amenities: Private docks, fire pits, and hot tubs

Evolve Advantage: Our owners have earned up to $82,154 annually!

4. Branson, MO

Photo of a glowing yellow sunset on Table Rock Lake in Branson, MO with a sailboat floating in the foreground and silhouetted hills on the far shore. Image text reads, “$22,962 median rental revenue. $246,472 median listing price. 6.5% example cap rate.”

A top-tier family destination, Branson broke records with nearly 10 million visitors in 2021 thanks to its entertainment, theme parks, and proximity to Table Rock Lake.

Best investments: Luxury cabins with lake views or easy water access help offset upfront costs

Alternative advantage: Homes near major attractions (like the Branson Strip and Theater District) perform well even off the water

Stand out to guests: In-home comforts tailored to families and groups can set your property apart

There are zoning restrictions in certain downtown areas and along parts of the lake, so we recommend connecting with local agents who specialize in vacation rentals.

5. Pocono Lake, PA

Photo of Pocono Lake, PA with a weathered dock jutting into the choppy blue waters, an early autumn forest on the distant shore. Image text reads, “$20,594 median rental revenue. $279,959 median listing price. 5.1% example cap rate.”

Nestled in the Pocono Mountains, Pocono Lake offers four-season appeal — including whitewater rafting in the summer, vibrant foliage and festivals in the fall, and winter sports thanks to proximity to several major ski resorts.

Top properties: Lakefront homes or houses in private lake communities

Most popular amenities: Private docks and beaches or easy access to the shoreline

Watch for regulations: HOA rules vary widely

Evolve Advantage: Our owners have earned up to $42,851 annually!

6. Buckeye Lake, OH

Photo of Buckeye Lake, OH with massive blue skies and clear still water. Image text reads, "$24,263 median rental revenue. $335,438 median listing price. 5.1% example cap rate."

Just 30 minutes from Columbus, Buckeye Lake draws both weekenders and destination travelers with its historic charm and outdoor attractions.

Why it works: Boating, biking, hiking, fishing, and lakefront dining

High-demand locations: Millersport and Thornville

Top features: Walkable lake access and proximity to the state park

Shoreline proximity increases home prices, but providing amenities that midwestern travelers love can help you boost your bottom line.

7. Lake Anna, VA

Photo of Lake Anna, VA, one of the best places to buy a lake house, with a sparse treeline overlooking rippling blue waters and a clear sky. Image text reads, “$26,942 median rental revenue. $396,138 median listing price. 4.8% example cap rate.”

With 200+ miles of shoreline and easy access from Washington, D.C., Lake Anna is a top Mid-Atlantic lake destination.

Why it works: Water activities, winteries, restaurants, outdoor markets, and historic attractions

Best towns: Bumpass, Mineral, and Louisa

High earners: Four- to six-bedroom homes with large decks, boat docks, and outdoor living space
- Kayaks and fire pits also offer a boost

Evolve Advantage: Our owners have earned up to $72,099 annually!

8. Lake Winnipesaukee, NH

Photo of a soft golden sunset over Lake Winnipesaukee, NH with a dark mountain on the far shore casting a large shadow on the water. Image text reads, “$31,518 median rental revenue. $501,116 median listing price. 4.4% example cap rate.”

New Hampshire’s largest lake offers true four-season demand, with spring hiking, summer swimming, fall leaf-peeping, and winter skiing.

Recommended towns: Gilford, Laconia, and Wolfeboro

Flexible strategy: Waterfront performs best, but nearby homes with views or proximity to the slopes also succeed

Local hotspots: Easy access to Gunstock Mountain Resort or Weirs Beach offers the best performance

Opportunities exist from mid-priced homes to million-dollar luxury estates; it’s just about finding what works with the realities of your budget.

9. Lake of the Ozarks, MO

Photo of Lake of the Ozarks, MO with a huge hill of golden, sunny trees reflected in the water. Image text reads, “$22,103 median rental revenue. $349,382 median listing price. 4.4% example cap rate.”

With more shoreline than the California coast — 1,100 miles total — Lake of the Ozarks is a powerhouse for family travel. With over 40 towns in the area, you’ll find natural wonders, entertainment venues, renowned golf courses, and resort communities like Margaritaville.

Top towns: Osage Beach, Lake Ozark, Sunrise Beach, and Camdenton

High performers: Lakefront homes and properties near resorts

Bonus: Easy day trips to Branson expand guest appeal

Evolve Advantage: Our owners have earned up to $55,622 annually!

10. Brainerd Lakes, MN

Photo of a canoe floating in a lake near Brainerd Lakes, MI, one of the best places to buy a lake house, with colorful fall leaves along the shore. Image text reads, "$31,340 median rental revenue. $513,074 median listing price. 4.3% example cap rate."

A classic Midwest lake destination, the Brainerd Lakes area offers a blend of small-town charm and adventure on its 450 lakes along the Mississippi River.

Why it works: Hiking and biking trails, boat cruises, public beaches, and the Lakes Area Music Festival

Best investment areas: Nisswa, Pequot Lakes, and Crosslake

Top amenities: Private beaches, fire pits, fireplaces, and saunas

Evolve Advantage: Our owners have earned up to $81,745 annually!

11. Canyon Lake, TX

Photo of Canyon Lake, TX with a rocky beach in the foreground and wooded hills in the distance. Image text reads, "$23,972 median rental revenue. $469,647 median listing price. 3.6% example cap rate."

In the heart of Texas Hill Country, the “Water Recreation Capital of Texas” offers 80 miles of shoreline and Caribbean-blue waters.

Why it works: Boating, swimming, tubing on the Guadalupe River, hiking trails, Canyon Gorge (fossils and dinosaur tracks), Whitewater Amphitheater

Top homes: Large properties with lake views or boat ramp access

Guest favorites: Game rooms and hot tubs

A key rule to know before investing is that rentals must be in the unincorporated county, not within city limits.

12. Flathead Lake, MT

Photo of a sunset over Flathead Lake, MT casting soft pink and purple light over the calm waters and distant mountains. Image text reads, “$30,925 median rental revenue. $710,817 median listing price. 3% example cap rate.”

Spanning over 200 square miles, Flathead Lake delivers unmatched scenery and outdoor adventure in Northwest Montana. For investors looking to move quickly, there’s no red tape in the area beyond a standard operating permit.

Why it works: Sailing, swimming, fishing, waterskiing, hiking, and horseback riding

Top towns: Bigfork, Lakeside, and Somers — though nearby Kalispell offers lower prices with similar demand

High earners: Spacious homes with large decks and lake views

Evolve Advantage: Our owners have earned up to $68,202 annually!

Buy Your Lake House with Confidence

Investing in a lake vacation rental is a major decision, but you don’t have to navigate it alone. Our real estate experts can help you:

Clarify personal and financial goals

Understand market-specific earning potential

Connect with trusted local real estate agents

Manage your property to maximize income

Helpful Resources for Investors

Benefits of Investing in Vacation Rentals

Vacation Rental Market Analyses

Vacation Rental Income Calculator

With the right guidance, owning a lake house can be both profitable and rewarding. Connect with our team to take the first step toward investing in one of the best short-term rental markets in the U.S.