The 15 best US cities to buy waterfront property in — without breaking the bank

The 15 best US cities to buy waterfront property in — without breaking the bank

October 30, 2019 0 By mamie10574
  • A recent study by GoBankingRates rounded up waterfront cities in the US that are surprisingly affordable for the average income earner.
  • After deducting each city’s local annual living expenses from the state’s average income, the study found that in 25 cities, the amount left over exceeded 49%.
  • Of the top 15 affordable waterfront cities that made the list, four are located in New York.
  • Visit Business Insider’s homepage for more stories.

There are many affordable waterfront cities across the US — you just have to know where to look.

A recent study by personal finance platform GoBankingRates found 25 waterfront cities where — after deducting each city’s local annual living expenses from the state’s average income — the amount left over exceeded 49%.

To gather the final ranking, GoBankingRates looked at the top 112 waterfront cities (oceans and lakes) based on the median listing price, the average state income, and overall affordability.

Read more: 31 US cities where it’s cheaper to buy a house than to rent a place

To gather annual living expenses in each city, GoBankingRates first collected the median listing price in each city and found the average annual mortgage cost using Zillow’s mortgage calculator. It is important to note that the annual mortgage costs found in this study assume a 20% down payment and a 3.56% 30-year fixed-rate mortgage.

GoBankingRates then used the Bureau of Labor Statistics’ 2018 Consumer Expenditure Survey to find the average cost of groceries, utilities, transportation, healthcare and miscellaneous expenditures. Then, using Sperling’s Best Places, the survey findings were adjusted to each city’s local cost of living. The full methodology is available here.

Of the top 15 affordable waterfront cities that made the list, four are located in New York.

Keep reading for a look at the most affordable waterfront cities in the US, ranked from the lowest to the highest percentage of leftover income.

15. Alexandria, Minnesota

Alexandria, Minnesota




Shutterstock



Average state income: $65,699

Income left over after annual living expenses: $35,852.33

Percentage of income leftover: 54.57%

Median home value: $165,000

14. Cleveland, Ohio

Cleveland, Ohio




Shuttertstock



Average state income: $52,407

Income left over after annual necessities: $28,747.92

Percentage of income leftover: 54.86%

Median home value: $67,600

13. Aberdeen, Washington

Aberdeen, Washington




Shutterstock



Average state income: $66,174

Income left over after annual necessities: $36,369.44

Percentage of income leftover: 54.96%

Median home value: $125,700

12. Toledo, Ohio

Toledo, Ohio




Shuttertsock



Average state income: $52,407

Income left over after annual living expenses: $29,268.18

Percentage of income leftover: 55.85%

Median home value: $78,600

11. Duluth, Minnesota

Duluth, Minnesota




Shutterstock



Average state income: $65,699

Income left over after annual living expenses: $36,806.55

Percentage of income leftover: 56.02%

Median home value: $152,300

10. Devils Lake, North Dakota

Devils Lake, North Carolina




Shutterstock



Average state income: $61,285

Income left over after annual living expenses: $34,462.47

Percentage of income leftover: 56.23%

Median home value: $96,600

9. Buffalo, New York

Buffalo, New York




Shutterstock



Average state income: $62,765

Income left over after annual necessities: $35,681.97

Percentage of income leftover: 56.85%

Median home value: $77,800

8. Hampton, Virginia

Hampton, Virginia




Shutterstock



Average state income: $68,766

Income left over after annual living expenses: $39,543.61

Percentage of income leftover: 57.5%

Median home value: $186,600

7. New London, Connecticut

New London, Connecticut




Shutterstock



Average state income: $73,781

Income left over after annual living expenses: $43,125.74

Percentage of income leftover: 58.45%

Median home value: $177,100

6. Brainerd, Minnesota

Brainerd, Minnesota


Brad Thornberg/EyeEm/GettyImages


Average state income: $65,699

Income left over after annual living expenses: $38,506.93

Percentage of income leftover: 58.61%

Median home value: $110,400

5. Erie, Pennsylvania

Erie, Pennsylvania




Shutterstock



Average state income: $56,951

Income left over after annual living expenses: $33,628.30

Percentage of income leftover: 59.05%

Median home value: $87,000

4. Oswego, New York

Oswego, New York




Shutterstock



Average state income: $62,765

Income left over after annual living expenses: $37,678.67

Percentage of income leftover: 60.03%

Median home value: $84,200

3. Rochester, New York

Rochester, New York




Shutterstock



Average state income: $62,765

Income left over after annual living expenses: $37,989.08

Percentage of income leftover: 60.53%

Median home value: $79,400

2. Atlantic City, New Jersey

Atlantic City, New Jersey




Shutterstock



Average state income: $76,475

Income left over after annual living expenses: $48,490.05

Percentage of income leftover: 63.41%

Median home value: $168,800

1. Jamestown, New York

Jamestown, New York




Shutterstock



Average state income: $62,765

Income left over after annual living expenses: $41,870.35

Percentage of income leftover: 66.71%

Median home value: $63,900

More:

Features
Arts & Culture
BI Select
Real Estate

Chevron iconIt indicates an expandable section or menu, or sometimes previous / next navigation options.