You read recently that living in certain resort towns can start to feel like living on an island. And in some towns, almost no one is living there at all. The few remaining residents in Oklahoma’s Hochatown are calling it ‘one giant Airbnb.’ Dan Latu reports at Business Insider:
Thousands of rental cabins have descended upon the sleepy 219-person town of Hochatown, Oklahoma, — a popular vacation spot on scenic Broken Bow Lake that’s a three-hour drive from Dallas, The New York Times reported.
Before the pandemic, there were about 400 properties for rent in the area. Now, there are 2,400, according to the short-term-rental-tracking website AirDNA, as reported by the Times.
“The town is basically one giant Airbnb,” David Francis, an Oklahoma state official, told the Times.
But with Hochatown’s Airbnb boom comes challenges and growing pains. The influx of travelers was responsible for $456,000 in tax revenue the town collected in September — and local officials hope to hit $1 million a month in the near future. But Hochatown will need the money: It has no professional firefighters, police officers, or garbage collectors. Unpaved roads plague rental owners, as does unreliable water infrastructure, which is essential to maintaining the hot tubs that keep guests happy.
Some cabin owners who bought properties recently, when prices were high, also worry that there aren’t enough traveler bookings to make their investments worthwhile. That’s one hallmark of the so-called “Airbnbust,” which happens when the supply of homes for rent outpaces demand in some areas, cutting into owners’ profits.
Action Line: Community, or lack thereof, can make or break a town. If you are retiring and looking to move to a new home, spend a season or two in a town before committing to buying there. You probably don’t want to end up somewhere you’ll be the town’s only permanent resident. Start your search for a better America with Your Survival Guy’s 2023 Super States. Then click here to subscribe to my free monthly Survive & Thrive letter.
E.J. Smith - Your Survival Guy
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