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Vacasa Reveals the 10 Best Places to Buy a Winter Vacation Home in 2022-23

The leading vacation rental management platform analyzed market and performance data to determine which mountain markets deliver the strongest homeowner returns

Considering investing in a mountain view? Vacasa, North America’s leading vacation rental management platform, today released its Best Places to Buy a Winter Vacation Home 2022-2023* report, ranking where prospective vacation home buyers can find snow-capped peaks and a desirable cap rate. Vacasa’s fourth annual top 10 list uses estimated cap rate, or the annual rate of return on investment, to help evaluate which winter markets could deliver the best returns for vacation rental homeowners.

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A vacation rental in Girdwood, Alaska, which ranked on Vacasa's Best Places to Buy a Winter Vacation Home. (Photo: Business Wire)

A vacation rental in Girdwood, Alaska, which ranked on Vacasa's Best Places to Buy a Winter Vacation Home. (Photo: Business Wire)

“Over half of the destinations on this year’s list are newcomers to our report, which is in part due to the cap rate compression we’ve seen in many top markets as home prices trended up in 2021 and early 2022,” said Daned Kirkham, Vacasa’s senior director of real estate. “However, market dynamics have shifted in recent months for both primary and second home real estate. Interest rate hikes since last spring are causing the once-red-hot housing market to cool off a bit giving buyers renewed negotiating power.”

With seven new-to-the-list markets, including a new #1 spot in Eastern Oregon, there are plenty of unexpected places for vacation home buyers to explore. But, let’s not discount the returning favorites: the Poconos are back for a three-peat appearance, and Banner Elk, North Carolina, and Ludlow, Vermont, both moved up several spots from their 2021-2022 rankings. While snow sports tend to be the shared draw among this year’s featured markets, many offer lake access and warm-weather recreational activities that help to drive year-round demand.

Vacasa’s Best Places to Buy a Winter Vacation Home 2022-2023:

  1. Wallowa Lake, OR
  2. Poconos, PA
  3. Bear Lake, UT
  4. South Fork, CO
  5. Banner Elk, NC
  6. Ludlow, VT
  7. Warren, VT
  8. Girdwood, AK
  9. Teton Village, WY
  10. Lake Pend Oreille, ID

For more information on the 400+ destinations that Vacasa serves or for help locating your ideal vacation home, visit

*Vacasa’s Best Places to Buy a Winter Vacation Home Methodology

To determine its ranking of top vacation rental markets, Vacasa analyzed home sales and vacation rental performance data from the last 12 months for vacation destinations throughout the country where Vacasa or its licensed subsidiaries manage at least 50 units. To determine average gross rental revenue (homeowner revenue made from bookings, excluding any fees) for a market, we averaged actual performance data for Vacasa managed units in the past 12 months and adjusted that number to reflect assumed usage by the owner. To calculate average cap rate, we considered the averages of the following in each state: property taxes, utilities, insurance, and property management fees. Markets with strict permit caps or regulations that make it difficult to operate a short-term rental were removed from the list.

Local regulations vary by jurisdiction and the transfer of a property to a new owner may affect its ability to be used as a vacation rental. Generally, all vacation rental regulations are subject to change, which may affect your ability to use a property as a vacation rental in the future. Buyers should always check current local regulations prior to making an investment decision.

About Vacasa

Vacasa is the leading vacation rental management platform in North America, transforming the vacation rental experience by integrating purpose-built technology with expert local and national teams. Homeowners enjoy earning significant incremental income on one of their most valuable assets, delivered by the company’s unmatched technology that is designed to adjust rates in real time to maximize revenue. Guests can relax comfortably in Vacasa’s 35,000+ homes across more than 400 destinations in North America, Belize and Costa Rica, knowing that 24/7 support is just a phone call away. In addition to enabling guests to search, discover and book its properties on and the Vacasa Guest App, Vacasa provides valuable, professionally managed inventory to top channel partners, including Airbnb, and Vrbo.

For more information, visit


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