5 Best Beach Towns To Buy Property In

AAA

For the most part, beach properties have held up pretty well since the property bubble for residential real estate burst in the United States between 2007 and 2009. Based on Zillow.com's affordability index, which measures the price of property in a city and compares it to the annual income levels of its residents, property remains firmly depressed in many beach towns. Below is an overview of some of the more affordable locales these days.

Lakeland, Fla.

Though officially slightly inland from the beach town of Clearwater, Fla., as well as Tampa Bay, Fla. and St. Petersburg, Fla., the short drive may be worth it as Lakeland, Fla. is currently one of the most affordable home markets in the country. The low range of its historical price to income ratio is more than 40% below its historical norms. A perusal of the available real estate in the city shows a number of properties for well below six figures. Orlando, Fla., which is slightly east, also has a high number of affordable and beaten-down houses for sale following the bursting of the housing bubble.

Jacksonville, Fla.

Situated right on the coast of the Atlantic Ocean, Jacksonville, Fla. is also among the most affordable real estate markets in the United States right now. Its affordability index is right around 40% below its historical average. Houses right on, or very close to, the waterfront are currently listed for around $100,000, with some going for less. New homes are also an option, thanks to plenty of remaining real estate available for building.

Fort Myers, Fla.

Sticking in Florida may be the best strategy for snagging an affordable beach property. Fort Myers, Fla. has a reputation for some of the worst hit real estate as a result of the housing bubble. The affordability index is similar to that of Jacksonville, Fla. at just below 40% its historical average. Homes right on the waterfront currently list for a couple of hundred thousand or more, but there are still deals to be had and cheaper homes slightly inland. Sanibel Island, Fla., which is just a short drive across the Causeway Boulevard, remains pricey with home prices closer to a cool million. A number of foreclosures still exist in the area.

Mobile, Ala.

Heading slightly west and tucked right into the Mobile Bay on the Gulf of Mexico, Mobile, Ala. is right around the national average with an affordability index 35% below its historical average. On an absolute level, very few houses are listed above six figures and that means a location right on the water could be very affordable. Highly motivated sellers are wanting to move a number of the properties.

San Diego, Calif.

Moving out west and to well above the national average, certain San Diego real estate is still 20% below its historical affordability index average. Smaller properties not far from the Pacific coast go for a couple of hundred thousand, which isn't that bad if being close to the beach is a high priority. A condo right on the beach is also currently going for less than $300,000, though it is only 638 square feet.

Conclusion

Combined with record low mortgage rates, a beach-front property is well within the reach of many U.S. citizens. Foreigners have also gotten in on the mix and have largely bought up the properties in international destinations such as Miami. Those with the funds could be sitting pretty in the next decade.
  1. No results found.
Related Articles
  1. Managing Wealth

    Economics of Buying a Beach House: Read Before You Buy

    Understand the economics of owning a beach house. Learn how it can be a profitable investment, but also identify the challenges you are likely to face.
  2. Managing Wealth

    Beach House Investing: Best Beach Towns in California

    Discover the best towns in California for investing in a beach house. Learn about the few remaining areas to invest in a vacation beach home.
  3. Managing Wealth

    Beach House Investing: Best Beach Towns in North Carolina

    Find out about some of the most popular coastal cities in North Carolina for individuals considering beach house investing in the state.
  4. Investing

    Five Billionaires Living in Palm Beach

    The sunny southern Florida town boasts not only beautiful beaches, but an impressive concentration of the nation's wealthiest individuals.
  5. Investing

    Tips on Buying a Beach Condo in Florida

    Discover some tips that are very important to consider but often forgotten when searching for the perfect beachfront condominium in Florida.
  6. Investing

    Investing In Property Out Of State

    If you can't afford property close to home, consider taking the real estate plunge elsewhere in the country.
  7. Retirement

    The Cities Where the Ultra-Rich Retire in Florida

    Understand why the Florida communities of Miami Beach, Palm Beach and Key West serve as magnets for the ultra-rich retirees who descend on the state.
  8. Investing

    Use Real Estate To Put Off Tax Bills

    Find out how you can build wealth and reduce your taxes.
  9. Investing

    What You Should Know About Real Estate Valuation

    Anyone involved in a real transaction can benefit from gaining a basic understanding of the different methods of real estate valuation.
Hot Definitions
  1. Fiduciary

    A fiduciary is a person who acts on behalf of another person, or persons to manage assets.
  2. Sharpe Ratio

    The Sharpe Ratio is a measure for calculating risk-adjusted return, and this ratio has become the industry standard for such ...
  3. Death Taxes

    Taxes imposed by the federal and/or state government on someone's estate upon their death. These taxes are levied on the ...
  4. Retained Earnings

    Retained earnings is the percentage of net earnings not paid out as dividends, but retained by the company to be reinvested ...
  5. Demand Elasticity

    In economics, the demand elasticity refers to how sensitive the demand for a good is to changes in other economic variables. ...
  6. Dark Pool

    A dark pool is a private financial forum or exchange for trading securities.
Trading Center