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So, let's take a look at the cities which offer the highest Airbnb rental income throughout the Sunshine State as these are the best places to buy a vacation home in Florida. Following is a list of the most profitable locations for owning a vacation home in Florida, based on the expected rental income from Airbnb. The expected rental income along with the other important real estate investing figures have been computed by Mashvisor's investment property calculator. This rental property calculator saves real estate investors a lot of time and money by replacing the need for conducting complicated real estate market analysis to get real estate comps.

1. St. Augustine

  • Median Property Price: $340,000
  • Airbnb Rental Income: $2,760
  • Traditional Rental Income: $1,890
  • Airbnb CoC Return: 6.2%
  • Traditional CoC Return: 3.3%
  • Airbnb Cap Rate: 9.7%
  • Traditional Cap Rate: 6.6%
  • Airbnb Occupancy Rate: 51.5%

According to data from Mashvisor's investment property calculatorSt. Augustine is #1 among the best places to buy a vacation home in Florida. It offers a really high Airbnb rental income, with the additional benefit of being quite affordable. No surprise that the forecast profitability as measured by both cash on cash (CoC) return and capitalization (cap) rate. St. Augustine is a small city (with population of about 14,000) on the coast of northeastern Florida, which makes it a great location for spending your holidays as well as for owning a rental property.

2. Destin

  • Median Property Price: $695,000
  • Airbnb Rental Income: $2,720
  • Traditional Rental Income: $1,610
  • Airbnb CoC Return: 2.3%
  • Traditional CoC Return: 0.5%
  • Airbnb Cap Rate: 4.7%
  • Traditional Cap Rate: 2.8%
  • Airbnb Occupancy Rate: 58.4%

The second among the best places to buy a vacation home in Florida is Destin, with rental income from Airbnb just a few dollars below St. Augustine. However, this location is significantly more expensive. But it has a very important advantage for all those loving nature and sports – it is very famous for the fishing opportunities that it offers.

3. Panama City

  • Median Property Price: $177,000
  • Airbnb Rental Income: $2,650
  • Traditional Rental Income: $970
  • Airbnb CoC Return: 13.0%
  • Traditional CoC Return: 2.8%
  • Airbnb Cap Rate: 17.2%
  • Traditional Cap Rate: 6.4%
  • Airbnb Occupancy Rate: 54.6%

Panama City ranks as #3 in our best places to buy a vacation home in Florida. While it is one of the cheapest cities in the Sunshine State, it offers great rental income from Airbnb. The profitability from Airbnb here is excellent, with double digits for both CoC return and cap rate.

Related: 10 Most Profitable Airbnb Locations for Cash on Cash Return

4. Cutler Bay

  • Median Property Price: $270,000
  • Airbnb Rental Income: $2,630
  • Traditional Rental Income: $1,910
  • Airbnb CoC Return: 8.2%
  • Traditional CoC Return: 5.7%
  • Airbnb Cap Rate: 12.3%
  • Traditional Cap Rate: 9.6%
  • Airbnb Occupancy Rate: 47.4%

The #4 among the best places to buy a vacation home in Florida is Cutler Bay, which is both affordable and profitable, a simply great combination for real estate investing.

5. Tampa

  • Median Property Price: $294,000
  • Airbnb Rental Income: $2,430
  • Traditional Rental Income: $1,840
  • Airbnb CoC Return: 7.6%
  • Traditional CoC Return: 4.5%
  • Airbnb Cap Rate: 11.5%
  • Traditional Cap Rate: 8.3%
  • Airbnb Occupancy Rate: 40.4%

Tampa is yet another city you should consider when you look at the best places to buy a vacation home in Florida. In addition to offering wonderful beach options, it is also a business center and an important place for cultural events.

Related: Tampa: Hot Weather, Hot Real Estate for 2017

6. Miami Beach

  • Median Property Price: $502,000
  • Airbnb Rental Income: $2,370
  • Traditional Rental Income: $2,140
  • Airbnb CoC Return: 2.4%
  • Traditional CoC Return: 2.3%
  • Airbnb Cap Rate: 5.5%
  • Traditional Cap Rate: 5.5%
  • Airbnb Occupancy Rate: 56.8%

When talking about the best places to buy a vacation home in Florida, it is simply impossible to skip Miami Beach. This is a famous resort city on a barrier island connected to mainland Miami through a system of bridges. Actually both Airbnb and traditional renting are very profitable here, which gives you the option to move to a full-time landlord in the future by renting your income property out for long-term rentals.

7. Madeira Beach

  • Median Property Price: $450,000
  • Airbnb Rental Income: $2,220
  • Traditional Rental Income: $1,820
  • Airbnb CoC Return: 3.9%
  • Traditional CoC Return: 2.1%
  • Airbnb Cap Rate: 7.0%
  • Traditional Cap Rate: 5.1%
  • Airbnb Occupancy Rate: 53.5%

The last in our ranking of the best places to buy a vacation home in Florida is Madeira Beach, which also offers an Airbnb rental income of above $2,000.

Overall the State of Florida offers amazing opportunities for those seeking to buy a vacation home, as measured by the Airbnb rental income. Actually it is hard to say which the best places to buy a vacation home in Florida are as many cities yield rental income of above $2,000. While we ranked the top 7 locations for purchasing a second home in Florida, don't underestimate other places such as Winter ParkMiamiClearwater, and West Palm Beach. Once you've settled on buying a property in Florida, check out Mashvisor for important figures on the city as well as the neighborhood level for hundreds of actual properties.