In a recent report, Vacasa — the largest vacation rental property management company in North America — broke down the top 10 destinations for buying winter homes this season.

The list includes markets mostly on the west coast with an emphasis on lakeside locations with access to outdoor activities.

This season’s Winter Market Report is based on cap rate, or the rate of return on a real estate investment. Thaddeus Hanscom, Vacasa’s data trend analyst, told Business Insider that cap rate is calculated by potential income, minus operating expenses, divided by purchase price. To finalize the list, Vacasa first looked at markets with the highest average occupancy during winter months.

Keep reading to see the top locations for buying vacation homes this winter. We ranked markets in descending order based on cap rate, or a property’s potential income over its initial cost, denoting return on investment. We also included the median home price. Entries have been rounded to the nearest tenth.