This article takes a look at the 20 cheapest beach towns to retire in the US. If you wish to skip our detailed analysis on a beachfront retirement, you may go to 5 Cheapest Beach Towns to Retire in the US.
A Beachfront Retirement
Beachfront properties have always held a special place in the hearts of people, specifically retirees. Slow-paced and brimming with leisure, coastal lifestyles offer an idyllic setting for seniors to unwind and savor the golden years. According to Vacasa, Inc. (NASDAQ:VCSA), a vacation rental platform, investors this year may benefit the most from properties along the Atlantic Ocean and the Gulf Coast, ones even retirees can buy as their home or for vacations. In its Best Places to Buy a Beach House report, Vacasa, Inc. (NASDAQ:VCSA) highlights that waterfront destinations on lakes, gulfs, and oceans have the best annual rate of return on investment.
According to their report, the best beach destination that has “made a splash” is Lake Anna, Virginia. Boasting a 12.1% cap rate, this beauty has previously made it to Vacasa, Inc. (NASDAQ:VCSA)’s Top 25 Best Places to Buy a Vacation Home in 2022. The median sale price of a home in Lake Anna is $385,000, based on their report. Besides Lake Anna, other destinations boasting the best cap rates include the Atlantic Coast’s Hatteras Island, North Carolina (9.5%), and Navarre Beach, Florida (8.1%) on the Gulf of Mexico. The median sale price of homes in these two places is $412,500 and $370,000 respectively.
In a similar study, Zillow Group, Inc. (NASDAQ:Z) notes that towns that are famous for being gateway destinations are gaining popularity amongst home buyers. In its recent report on the hottest housing markets of 2023, coastal havens like Miami and Jacksonville have secured notable positions. These hottest markets have been based on “strong forecasted home value growth, relatively fast-moving inventory and plentiful likely buyers”. However, the study has highlighted that even these hot markets are rather “chill” than in previous years due to the prevailing high mortgage rates. The ones that are standing out are those that are comparatively affordable.
“Markets that offer relative affordability and room to grow are poised to stand out. Especially given the prevalence of remote work.”
– Anushna Prakash, economic data analyst at Zillow Group, Inc. (NASDAQ:Z).
While many individuals have been looking at beach towns for investment, retirees may not specifically be looking at homes for similar motives. According to a Merrill Lynch and Age Wave retirement study, 51% of retirees have been relocating to downsize in order to avail “freedom from the financial and maintenance burdens of a larger home”. These people are looking to move to the right homes so that they can enjoy their retirement years. A large number of retirees are specifically interested in living near the beach. No wonder the sunshine state of Florida is so popular amongst retirees. As such, some of the best beach towns that retirees have been flocking to over the years include Fort Myers Florida, Myrtle Beach South Carolina, and Vero Beach Florida.
For retirees looking to live near the beach, Realtor, a real estate company, has been digging up some of the most affordable homes near the water for home buyers too. The list has uncovered several cheap beach towns in the US for retirees. Some of the homes in their list have a median home price that is below $200,000, which means that retirees can afford to buy homes in these beach towns and enjoy cheap coastal living in the United States.
“Despite what you may have assumed, in some places, a home by the beach can cost about the same as an average US home — or less.”
-Realtor.com
Methodology
To compile the list of cheapest beach towns to retire in the US, we have used the lists from Realtor, Zillow, and Redfin. Next, we determined their cost of living index, average monthly rent of a 1-bedroom apartment, and median home price. These figures have been sourced from Best Places, Zillow Group, Inc. (NASDAQ:Z), and Realtor, to name a few. A cost of living index below 100 means the cost of living is below the national average. For instance, an index score of 99 means the cost of living is 1% lower than the national average. Places were scored individually on these factors and summed up to gain a final Insider Monkey score. The beach towns have been ranked on the final scores in an ascending order from the lowest to the highest scores.
By the way, Insider Monkey is an investing website that tracks the movements of corporate insiders and hedge funds. By using a similar consensus approach, we identify the best stock picks of more than 900 hedge funds investing in US stocks. The top 10 consensus stock picks of hedge funds outperformed the S&P 500 Index by more than 140 percentage points over the last 10 years (see the details here). Whether you are a beginner investor or professional one looking for the best stocks to buy, you can benefit from the wisdom of hedge funds and corporate insiders.
Here are the cheapest beach towns to retire in the US:
20. Fort Pierce, Florida
Insider Monkey Score: 20
Cost of Living Index: 98.6
Average Monthly Rent: $1,135
Median Home Price: $284,402
One of the cheapest beach towns to retire in the US is Fort Pierce, Florida. Nestled on Florida’s Treasure Coast, this vibrant coastal town offers stunning beaches, a bustling downtown, and several nature spots. Seniors can dock their boats at Fort Pierce City Marina, enjoying easy access to a charming array of restaurants, shops, entertainment venues, parks, and pet-friendly dining options.
19. Galveston, Texas
Insider Monkey Score: 24
Cost of Living Index: 95.8
Average Monthly Rent: $1,097
Median Home Price: $350,470
Galveston is one of the most affordable beach towns in Texas, boasting a cost of living that is 4.2% lower than the national average. Besides the miles of Gulf beaches that one can find in this beach town, there are numerous restaurants, museums, and shops to explore too.
18. Norfolk, Virginia
Insider Monkey Score: 25
Cost of Living Index: 91.4
Average Monthly Rent: $1,400
Median Home Price: $300,000
Seniors who prefer a quiet beach experience can choose to retire in Norfolk, Virginia. Some popular beaches in this city include Ocean View Beach, East Beach, and Whitehurst Beach Park, to name a few. Besides these beaches, there are museums, zoos, and other entertainment options to discover.
17. Jacksonville, Florida
Insider Monkey Score: 32
Cost of Living Index: 95.7
Average Monthly Rent: $1,023
Median Home Price: $293,301
Stunning beaches, mild climate, and plentiful cultural amenities make Jacksonville, Florida one of the cheapest beach towns to retire in the US. Not only are homes affordable in Jacksonville, but the cost of living is 4.3% lower than the national average.
16. Crescent City, California
Insider Monkey Score: 32
Cost of Living Index: 93.3
Average Monthly Rent: $1,061
Median Home Price: $347,757
California may be known for its crazy expensive prices, but this city is certainly an exception to it. Not only is this beach town affordable but it is absolutely beautiful, making it an ideal place for seniors to call home. It is also home to the beautiful Battery Point Light, a lighthouse that is registered as a California Historical Landmark.
15. Newport News, Virginia
Insider Monkey Score: 34
Cost of Living Index: 91.5
Average Monthly Rent: $1,115
Median Home Price: $263,687
Newport News is hailed as one of the best small beach towns to retire.
“This area is rich in history, culture, industry, and coastal living. The James River also produces the famous James River oysters.”
-Leslie Moore, manager of the Howard Hanna/Luxury Portfolio International Peninsula
14. Atlantic City, New Jersey
Insider Monkey Score: 36
Cost of Living Index: 93.9
Average Monthly Rent: $1,312
Median Home Price: $199,156
Seniors looking for fun amidst a vibrant coastal town, and that too on a budget, can retire to Atlantic City. The cost of living here is 6.1% lower than the national average. Seniors can juggle between relaxing days at the beach and fun-filled evenings at the casino. With serene days and an active nightlife, retirement will feel good here at this cheap place to retire by the beach.
13. Lexington, Michigan
Insider Monkey Score: 40
Cost of Living Index: 78.6
Average Monthly Rent: $1,225
Median Home Price: $279,500
Offering panoramic views of southern Lake Huron, seniors can choose to retire to this small village to relish the beach lifestyle. Seniors get to avail affordable housing, accessible healthcare, and plentiful recreational opportunities as well.
12. Daytona Beach, Florida
Insider Monkey Score: 41
Cost of Living Index: 94.9
Average Monthly Rent: $965
Median Home Price: $260,126
With its expansive miles of beaches, a plethora of outdoor activities, and a vibrant scene for shopping, dining, and entertainment, Daytona Beach is the perfect place for retirees to call home. The cost of living in this city is 5.1% lower than the national average, whereas housing prices are very reasonable too.
11. Manistee, Michigan
Insider Monkey Score: 42
Cost of Living Index: 78.3
Average Monthly Rent: $1,395
Median Home Price: $227,979
Home to three world-class beaches, seniors are bound to experience a distinctly inviting vibe in Manistee, Michigan. There is an iconic lighthouse at the beach, and residents can also spend time exploring nature trails, or enjoy shopping and dining.
10. Grand Isle, Louisiana
Insider Monkey Score: 43
Cost of Living Index: 97.5
Average Monthly Rent: $1,040
Median Home Price: $167,541
Known as a “Sportsman’s Paradise”, Grand Isle is one of the cheapest beach towns to retire in the US. It is also known for its birding habitat, world-class fishing spots, and miles-long beaches and wildlife.
9. Biloxi, Mississippi
Insider Monkey Score: 49
Cost of Living Index: 82.6
Average Monthly Rent: $1,070
Median Home Price: $212,730
Home to picturesque sandy beaches and delectable seafood, Biloxi is another beach town paradise that seniors can explore. It was once known as the “Seafood capital of the world”. Food enthusiasts will especially love it here.
8. Corpus Christi, Texas
Insider Monkey Score: 50
Cost of Living Index: 83.5
Average Monthly Rent: $975
Median Home Price: $213,840
With warm weather, a tax-friendly state, and a beach lifestyle; life can’t get any sweeter for seniors here in Corpus Christi. The coastal city boasts beautiful beaches that have distinct vibes and attractions for seniors to choose from, making it one of the most affordable beach towns to retire in the world.
7. Long Beach, Mississippi
Insider Monkey Score: 51
Cost of Living Index: 82.6
Average Monthly Rent: $975
Median Home Price: $225,245
Located along the Gulf of Mexico, Long Beach is another cheap beach town in the US to retire to. The cost of living in the city is 17.4% lower than the national average, and seniors can find affordable homes here as well. There are abundant activities to do and residents get to enjoy a coastal lifestyle.
6. Waveland, Mississippi
Insider Monkey Score: 52
Cost of Living Index: 83.4
Average Monthly Rent: $1100
Median Home Price: $163,000
Another great place to live on the Mississippi Gulf Coast is Waveland. Retirees can stretch their income quite far here in Waveland, considering that the cost of living here is 16.6% lower than the national average. Scenic beauty, coastal lifestyle, and affordable living make it one of the best and cheapest beach towns to retire in the US.
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