Why Now Is the Time to Invest in the Poconos Real Estate Market
Are you ready to invest in the Poconos real estate market? The Pocono Mountains encompass 2,400 square miles of natural beauty. Visitors and residents can enjoy hiking, mountain biking, fishing, boating, whitewater rafting, hunting and swimming. The area even has several adventure parks. With so many things to do, it’s no wonder that the Poconos attracts between 27 and 30 million visitors each year, and as an investor, you have the opportunity to attract vacationers to your property. Let’s take a look at all the great reasons to invest in the Poconos region.
1. The Pocono Mountains Are a US Tourist Destination.
The Poconos attracts millions of tourists every year, from individuals to couples and families. In fact, it’s been a popular destination since the 1800s. It offers four seasons of activities, from hiking and mountain biking to boating and skiing. It’s even a honeymoon travel destination because many couples are looking to get away from it all, rest, relax and enjoy each other's company alongside the romantic views. You may even be surprised to find out that tourism accounts for nearly 1 in every 3 jobs, according to the Poconos Economic Income Report, and it’s estimated that visitors to the area spend a combined 4.3 billion dollars.
2. There Are Plenty of Property Types to Choose From.
The Poconos are home to many different types of properties, including standard houses, cabins, A-frames, cottages, mountain modern homes, chalets, townhomes and cozy bungalows. The trick is purchasing properties that match the types of vacationers you hope to attract. For example, if you’re hoping to attract honeymooning couples and small families, you might decide to purchase a bungalow or cottage. If you want to rent to large groups, you might purchase a modern mountain home or a traditional home. If your desire is to attract hunters and adventure seekers, you might purchase a cabin or two in a more remote area.
3. Poconos Real Estate Values Are Increasing.
Poconos home prices are being driven by high demand. Modern homeowners and vacationers are looking for places where they can disconnect and unwind. Individuals, couples and families are increasingly looking for places with tranquil backyard spaces, privacy and year-round outdoor activities, where they can focus on their physical and mental health. The Pocono Mountains offer all that and more. Visitors and residents can enjoy plenty of restaurants, pubs, outlet stores, whitewater rafting, waterparks, adventure parks, state parks and beaches, while still being within driving distance of New York City, Newark, Philadelphia and Jersey City.
4. BNB and Short-Term Vacation Rental Investors Are Flocking to the Poconos.
Short-term rentals (STRs) are a great way to make some passive income, and sites, like Airbnb, Booking.com and VRBO, make it easy for you to list and rent your Poconos home to vacationers for short stays. The Poconos Economic Income Report stated that 70 percent of the homeowners and businesses in the area own at least one short-term rental, and those short-term rentals accounted for slightly more than 38 percent of those owners’ income. It’s also estimated that tourists spend about 16 percent of their vacation money on lodging. Another 21 percent was spent on food and beverages. When those categories are added together, tourists spend a combined average of $6.5 billion on accommodations and dining, and those visitors overwhelmingly chose short-term rentals over hotels. Vacationers, who stayed in STRs, also tended to stay longer and spend more money than their hotel-staying counterparts.
5. The Poconos Are Accessible
The Poconos is accessible to travelers. Unlike other mountain ranges in the US, the Poconos region is crisscrossed by highways and interstates. Guests can reach the area by car on I-78, I-80, I-81, I-84, I-380 and I-476. For those driving electric cars, there are plenty of car charging stations. They can be found in Blakeslee, near I-81, Long Pond, near I-80, Pocono Summit, near I-380, and Tannersville, near I-80 and Highway 611. Additionally, travelers with their own airplanes can fly directly to the Poconos and land at the Pocono Mountains Regional Airport.
6. The Poconos Are Benefiting From the Work From Home Movement.
It’s estimated that 22 million people or 14 percent of US adult workers work from home fulltime, and many of those individuals are looking to work in places that offer an abundance of serenity and outdoor adventures so that they can improve their work-life balance. The Poconos offers these individuals the ability to work in quiet spaces where they can be inspired by the lush scenery. They can also work from many of the local dining establishments, and once they’re finished for the day, they can enjoy a quick hike, swim or boating adventure.
7. You Can Use Your Property During the Downtime.
Investors can use their Poconos investment properties for their own leisure. Part of the appeal of owning a property in the mountains is that you can use it when it’s not being rented. This can save you money because you don’t have to rent a different property, and you’ll still get to take advantage of everything the Pocono Mountains has to offer.
If you're looking for a great rental property to invest in, check out the Poconos. The property values are increasing, which means any property you buy today will be worth more in the future. Tourists are flocking to the area because of its serenity and plethora of activities, and it’s just a couple hours' drive from several major cities.