Where Should I Rent a Vacation Home in July?

Late May is the time for last-minute decisions on summer rentals. I'd like to hear from anyone out there who thinks they have a great vacation rental deal for July. I want to be in the mountains where it is cool and where there is plenty going on both outdoors and indoors, but I don't want Vail or Aspen prices. Suggestions?

Author Says Now's Time to Buy

Christine Hrib Karpinski, author of How to Rent Vacation Properties By Owner, says you don't need to dig deep right now for a vacation home. Last year saw "a definite shift away from more expensive markets (Florida, Nevada, Arizona) and into more affordable locations (Georgia, Tennessee, the Carolinas). Obviously, houses will cost less in these areas, which means more buying opportunities for less affluent individuals." Karpinski also finds a silver lining for those who don't think they need rental income. While less than 20% of those responding to a Realtors' survey said they would not rent out their vacation getaway, "when people do decide to start renting it out, they are delighted to discover how easy it is and how profitable it can be."

Are You a 44-Year-Old who Makes $102,000?

Then chances are you own, or want to own, a vacation home. The latest survey by the National Association of Realtors is in, and it shows that vacation home sales grew in 2006 by a robust 4.7%. The most interesting stats to me were that the typical buyer is 44 years old, with a household income of $102,000. The most popular kind of property is in the countryside at a median of 215 miles from the buyer's primary home. And speculators seem to be on the wane. A total of 79 % of buyers made the purchase as a vacation or family place, not primarily as an investment.