Affordable Lakefront Living: The 2023 Edition of the Top 5 Small Lake Towns
Whether you are craving a permanent residence near the water or an exciting and relaxing summer getaway, buying a small lake town home would be perfect. These small lake towns offer a peaceful and enjoyable lifestyle, and the cost of living is generally affordable too. In this article, we are going to compile a list of small lake towns that would be your best options for affordable lakefront living in 2023.
Perks of Living in a Small Lake Town
Small lake towns always offer a relaxing lifestyle. Living in such a picturesque environment and admiring the amazing scenic beauty bring you a sense of peace and tranquility. Also, you get access to different water-based activities like swimming, boating, fishing, etc. These offer you an opportunity to perform some enjoyable physical exercise and to connect with nature.
The cost of living in the small lake towns is lower compared to the larger cities. Therefore, they are more affordable options for owning a home or enjoying leisure activities. Small lake towns generally have tight-knit communities where everyone knows each other; living in such a community develops a sense of social support and belongingness.
Top Small Lake Towns For Affordable Lakefront Living in 2023
1. Brainer Lakes, Minnesota
Brainer Lakes has some of the most stunning lakes, top-rated golf courses, and pristine public beaches. Besides having a good time playing golf, you can enjoy the excellent experience of ice fishing in this small lake town.
You can consider this small lake town as an excellent investment opportunity too. The median rental revenue of Brainer Lakes is $27,045, with a median listing price of $346,340 and an example cap rate of 5.5%.
2. Branson, Missouri:
Branson is located in the Ozark Mountains, and it offers you an affordable lakefront living opportunity on Table Rock Lake shores. This town is well-known for its theme parks, live music shows, and other exciting outdoor recreational opportunities. This man-made lake boasting more than 800 miles of shoreline is also known for its world-class fishing.
Branson has a median rental revenue of $19,445. The median listing price is $232,280, and the example cap rate is 5.9%.
3. Saranac Lake, New York
Saranac Lake is an old and historic town nested in the Adirondack Mountains. The place is popular for its fall foliage and ski resorts. It offers a peaceful ambiance that would make you feel calm and relaxed.
Saranac Lake is well-known for its preservation of old culture and architecture. It has more than 170 buildings that are listed on the National Register of Historic Places.
The median rental revenue in Saranac Lake is $25,294, and it has a median listing price of $250,190. The lake has a 7.1% cap rate – which shows the area’s high-profit potential.
If you enjoy outdoor activities, prefer a small town community, and value affordability, Lake Greenwood may be a great place for you.
4. Lake Greenwood, South Carolina
Located in South Carolina, Lake Greenwood is small town well known for its mesmerizing natural beauty and exciting recreational activities. If you are looking for a small town community, enjoy fun and exciting outdoor activities, and value affordability, then Lake Greenwood cab be an excellent place for you to live in.
The median home price in Lake Greenwood is $268K, which means you will find beautiful homes at a great price in this small lake town. Start your search from here, to check the latest Lake Greenwood listings.
5. Sulphur, Oklahoma
Sulphur is a small town located in south-central Oklahoma. The small town is well known for its beautiful natural springs, parks, lakes, and other amazing outdoor recreation opportunities. Also, Sulphur has “The Chickasaw National Recreation Area”, which offers fishing, hiking, camping, and other outdoor activities.
Sulphur has a cost of living that is much lower than the national average, which makes it an affordable place to live in. Sulphur’s cost of living is 28.3% lower than the cost of living in New York City, and 15.4% lower than the cost of living in Los Angeles.
Homes are highly affordable in Sulphur. The median home price is $175k, and the cap rate is 6%.
Indeed, small lake towns can be a perfect destination for you when you are looking for an affordable and peaceful lifestyle. Most of them offers you extraordinary scenic beauty as well as excellent recreational activities. The cost of living is low in most of these small lake towns, and the cost of living in affordable too. All you need to ensure is that you have the right insights and have a good idea about the markets. We hope that we have offered you some good suggestions, that would help you to find a perfect small lake town destination!