New York and LA have nothing on this southern beach destination.
Even though guests fork over small fortunes to Airbnb hosts to stay in cities like San Francisco, New York and Los Angeles, at the end of the day it’s the hosts in Virginia Beach who are really bringing home the bacon.
A recent Homes.com study looking at the difference between daily rental prices and the daily average cost of a mortgage in 75 U.S. cities, found that Airbnb hosts in Virginia Beach, Virginia can rake in a whopping $183.33 profit per night. That’s nearly $100 more than the average U.S. host, who brings in a profit of $99 per night.
And how’s this for context? The average Airbnb host in Virginia Beach only has to rent out their home for 5.13 days to cover the cost of their monthly mortgage payment. Woah.
Grant Simmons, a marketing vice president for Homes.com, explained to Moneyish that there are two reasons why Virginia Beach is so profitable for Airbnb hosts. First, there is a strong demand in the area due to a combination of military visitors and vacationers who flock to its sandy beaches in the spring and summer. Second is that the average home price remains steady at around $250,000, which keeps mortgages modest.
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It’s no coincidence that the second and third most profitable cities on the list—Bridgeport, Connecticut and Charleston, South Carolina, respectively—also boast scenic beachfronts.