The Poconos was a hot investment area in 2021 and appears to be continued for the same path in 2022. Many of the towns within the Poconos have seen a strong real estate market and Scranton remains one of the best areas for home flipping but 4 season vacation rental properties are seeing a boom.
Vacasa an international vacation rental management company based in Portland, Oregon shared research on, Best places to buy a winter vacation home 2021–2022. What may of been surprising to some but not for those who have been investing in the Poconos, is the Poconos is a really hot spot for short term rentals.
The Poconos came in 3rd on Vacasa’s list with a median home cost of $274,000 and annual gross rental revenue of $37,700 with a 6.9% Cap Rate.
Here’s what Vacasa had to say about the Poconos as an investment area, “Down(hill) just one spot from our 2020 Best Places to Buy a Winter Vacation Home report are the ski towns that lie within the Poconos region…it’s no wonder Poconos ranks on our list for the second year in a row. The median home sales price is still under $300,000, making it an attractive buy for first timers in the market.”
The PA Association of Realtors had some good quotes from Yarrow Wilkins the president of The Pocono Mountains Association of Realtors®, “We have year-round activities, like boating, fishing, golfing, skiing and snow tubing…over the last decade, the area has had a “huge” amount of growth in the arts, including musicians and concerts, farmers markets, outdoor wineries.”
Now the Poconos is experiencing a significant increase in real estate investment and second home purchases. As the PA Association of Realtors pointed out, “With the area being relatively affordable compared to other winter vacation areas, Wilkins said the market is “absolutely crazy.” So, for those looking for a more affordable home in a snow town, head to the Poconos, but be prepared to move quickly.”