5 Great Places to Buy a Vacation Home for Summer Getaways

You don’t have to break the bank to buy a vacation home.

In fact, there are dozens of places across the U.S. where you can find an affordable summer getaway property. Think about it: A place to spend your spring breaks, summers, holidays, and long weekends. What could be better?

Considering investing in a vacation home? Here are some great spots to look:

Chicago, Illinois

You might not expect Chicago to be at the top of the vacation property list, but the Windy City continues to surprise with its summer appeal. Thanks to affordable travel, a wealth of attractions, and pleasant warm-weather vibes, it’s a stellar choice for families and visitors of all ages. In 2024 alone, Chicago welcomed approximately 55.3 million guests—a 6.5% increase over 2023—marking a post‑pandemic high and closely approaching its 2019 peak of around 61 million. With major summer events like Lollapalooza, the NASCAR Street Race, and the global IPW tourism expo fueling momentum for 2025, now is a great time to consider investing in a Chicago vacation property.

Ocean City, Maryland

Home to countless beaches, boardwalks, and seafood joints, Ocean City is a favorite destination for all types of vacationers. There’s five-star golfing (and mini-golf), shopping, water sports, and more. The median home price in the area is about $230K.

Kissimmee, Florida

Just a hop, skip, and a jump away from Disney World and Universal Studios, Kissimmee offers plenty of personal entertainment opportunities. Properties in the city average in the high $100,000s – well below the national median home price – and homes have appreciated almost 90% in the last five years.

Palm Springs, California

With year-round beautiful weather and scenic views for days, you’ll find few better vacation spots than Palm Springs. It’s also close to a number of parks, zoos, and outdoor activities, and Disneyland is less than a two hours’ drive away.

Panama City Beach, Florida

One of Florida’s top vacation destinations, Panama City Beach still shines with its sun, sand, and spring-breaker energy. As of June 2025, the median home price in the area sat around $435,000, down from the previous year—making now a buyer’s market with nearly 85% of homes selling below the asking price. Beyond personal enjoyment, short-term rental investors are seeing strong returns: average Airbnb revenue reached $44,000/year with a 58% occupancy rate and nightly rates averaging $205. This makes Panama City Beach an appealing spot for both lifestyle vacations and solid investment returns in 2025.

Vacation Home Considerations

Location aside, there are a few other factors you should consider when buying a vacation home. For one, you’ll want to look at all the costs — not just the added mortgage payment you’d be taking on. There will be utility bills, property taxes, and maintenance costs.

You’ll also want to think about:

• How often will you visit? If you only plan to visit the property once or twice a year, is it worth the financial investment? How would the costs of your mortgage compare to hotel costs for those two visits? Make sure you’re operating in your best financial interest.
• How will you manage the property? If you live far from the city where you’re buying, how will you take care of the home? Will you appoint a caretaker? Will you visit the home regularly? Be sure to include these costs in your estimate as well.
• How will you protect it? Since the property may be vacant part of the time, you’ll want to have security measures in place to protect your investment. Will you use an alarm system? Cameras? Budget for some sort of security system to safeguard your property when you’re away.

A vacation home can be a great long-term investment — both for your family’s enjoyment and for your pocketbook. Just make sure you cover all your bases before you get too far into the buying process. You’ll want to make sure the property is in your household’s best financial interest and that you have all the pieces in place to make your vacation home a success.

Ready to Buy Your Getaway?                                                   

Are you interested in purchasing a vacation home? Then get in touch with an Embrace loan officer today. We’ll walk you through the process from start to finish.

Frequently Asked Questions

What are the most affordable places to buy a vacation home in 2025?

Some of the most affordable vacation home markets include Ocean City, MD; Kissimmee, FL; and Panama City Beach, FL — each offering lower-than-average home prices and strong tourism appeal.

Is Chicago a good place to buy a vacation property?

Yes! Chicago is a top summer destination with family-friendly attractions, festivals, and affordable travel. Its strong tourism numbers make it a compelling option for vacationers and investors alike.

What should I consider when budgeting for a vacation home?

In addition to your mortgage, you should factor in utilities, property taxes, maintenance, insurance, and potential property management or security costs.

Can I use a vacation home as a short-term rental?

Yes, many owners rent out their vacation homes when not in use. Just be sure to research local regulations, HOA rules, and market demand before making plans.

How often should I visit my vacation home to make it worth the investment?

It depends on your financial goals. If you’ll only use it once or twice a year, compare the total cost to what you’d spend on hotels or rentals. Renting it out part-time can offset costs.

How do I manage a vacation property if I don’t live nearby?

You can hire a local property manager or caretaker to handle maintenance and rentals. Some owners also use vacation rental platforms with built-in management tools.

What’s the best way to protect a vacation home when it’s vacant?

Consider installing smart security systems, cameras, or hiring a local service to check on the property. Some insurance providers may require added protection for vacant homes.

How can Embrace Home Loans help me buy a vacation home?

Embrace loan officers specialize in second-home financing and can guide you through the process—from application to closing—so you can secure your dream getaway with confidence.