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Bloomberg Wealth: Should You Buy a Second Home?

Hamptons Home Listings Surge To Record As Buyers Dither On Deals
Photographer: Johnny Milano/Bloomberg

My recent attempt to book a family getaway to Montauk — looking at $1,000/night rates to sleep four people — left me wondering, why don’t I just buy a place out there instead? The vacation rental income I could get out on the eastern edge of the Hamptons would certainly cover the mortgage — and then some, right?

Then I remembered that I don’t actually have an extra $2 million lying around, unfortunately. Still, it’s a nice dream — and maybe the ultimate buy vs. rent.