As you look at retirement options, you may be attracted to the idea of a place on the water. While some properties along a shoreline can be pricey, there are reasonable options throughout the country that might be easier on your retirement budget. In these areas, you may fall in love with the opportunities to be outdoors.
“One of the most common reasons why people want to get a retirement home near the water is the beauty and tranquility that comes with having a waterfront view,” says Joel Comino, chief executive officer and founder of Next Modular in Goshen, Indiana, who has helped clients build homes near the water. You may be able to go boating, fishing, swimming or take walks along the beach.
When looking for a retirement home on the water, you’ll want to consider the price of housing and the cost of living. You can check what amenities are offered in the neighborhood or area and if health care is nearby.
Here are 10 affordable places to retire on the water:
— Minneapolis-St. Paul, Minnesota.
— Miami.
— Tampa, Florida.
— Virginia Beach, Virginia.
— Jacksonville, Florida.
— Orlando, Florida.
— Melbourne, Florida.
— Chicago.
— Cape Coral, Florida.
— Sarasota, Florida.
[READ: The Best Beach Towns to Retire in the U.S.]
Minneapolis-St. Paul, Minnesota
Located along the Mississippi River, the Minneapolis and St. Paul region is surrounded by waterways. The Minneapolis Parks System boasts 22 lakes with beaches, boat launches and fishing piers. You might enjoy the Grand Rounds National Scenic Byway, which connects the area’s extensive park system via roads and walking and biking trails. The cold winters allow for hockey and ice fishing, and the warmer months bring waterfalls and lakeside picnics.
The median monthly housing cost is $1,631 among homeowners with a mortgage in St. Paul, and $1,830 for Minneapolis residents. Renters in St. Paul will have a median monthly payment of $1,080, and those in Minneapolis can expect to pay $1,159 in rent each month.
Minneapolis is also a college town that brings more than 50,000 students to the University of Minnesota each school year. As a retiree, you may be eligible to audit courses for free.
Miami
Known for its entertainment and water-related activities, the Miami metro region tends to be bustling year-round. Its mild winters attract tourists and long-term visitors, too. If you’re planning to live in this Atlantic coastal city, the median home price is $2,006 per month for a house with a mortgage and $1,470 monthly to rent.
An advantage of Miami could coincide with housing market trends. “Communities near bodies of water often have higher property values,” Comino says. If you own a home in the area and housing prices increase, you could have an extra layer of security in your nest egg.
There’s plenty to do in the water, from boating to swimming, fishing and snorkeling. Miami provides a wide variety of beach experiences, from the undeveloped Bill Baggs Cape Florida State Park to the popular South Beach. Senior citizens and Social Security beneficiaries are eligible to ride Miami-Dade transit for free, which could make it easy to get around.
Tampa, Florida
If you’re looking for a place in Florida with reasonable housing prices, you may be drawn to the Tampa area. The median housing cost is $1,706 per month for a house with a mortgage or $1,249 monthly to rent. This western Florida city is located along the Tampa Bay and the Gulf of Mexico.
Tampa is a city of high rises and several skyscrapers and is also known as a beach destination for retirees and tourists. The Port of Tampa has several cruise ship terminals, which makes it easy to get out on the water and explore multiple destinations. The city also has a Gasparilla Pirate Festival that features mock pirates invading Tampa Bay, along with a series of parades and festivities.
Virginia Beach, Virginia
If you love water, Virginia Beach may be the place for you. Located on the Atlantic Ocean, Chesapeake Bay and several rivers and lakes, this city is nearly surrounded by waves. The area’s many resorts cater to vacationers, but the reasonable housing costs could make it possible to stay year-round. A home with a mortgage costs a median of $1,888 per month, which drops to $1,433 monthly if you rent.
Before constructing a place on the water, check the local codes. “There may be restrictions on building and zoning near waterfronts,” Comino says. Also factor in extra repairs and upkeep for the home, as humidity and salt can damage the exterior over time.
There’s plenty to do in the region, with beach sports taking center stage. The city hosts a surfing championship and a beach soccer tournament. You can also visit First Landing State Park, where English colonists arrived in 1607, or try freshwater or surf fishing at the Back Bay National Wildlife Refuge.
Jacksonville, Florida
Florida’s most populous city is among the fastest-growing places in the U.S. and has attracted 90,000 new residents over the past decade. Jacksonville is located along the Atlantic Ocean and has 22 miles of sandy beaches on the coast. A place here could have a great view, though you’ll need to account for potential storms.
There could also be insects, which are more common in shoreline areas. “The secret is to have niche experts in pest, mold and maintenance come and inspect and service your waterfront property far more often than you would landlocked property,” says Baron Christopher Hanson, an off-market commercial and investment property realtor in Port St. Lucie, Florida.
The Jacksonville Beach Pier stretches out nearly a quarter mile past the shore. The St. Johns River runs through the center of the city, which allows for boating and freshwater fishing. Owning a home in Jacksonville costs a median of $1,446 per month with a mortgage, or you could rent for a median of $1,146 monthly.
Orlando, Florida
Orlando‘s theme parks, convention centers and resorts draw visitors from around the world. The mild winters, entertainment options and low cost of living also attract retirees. Living in this area could lead to more frequent visits from family, especially if you have grandchildren who want to soak up time in the nearby amusement centers.
However, if you look beyond the tourist attractions, Orlando is an inland Florida city that is speckled with lakes. It can be surprisingly affordable to retire by a lake in Orlando. Owning a home with a mortgage costs a median of $1,781 per month, and the median rent is $1,346 per month. You can also easily drive to the Atlantic or Gulf coast of Florida in an hour or two.
Melbourne, Florida
Melbourne is located on the east coast of Florida and has 33 miles of coastline. The Indian River Lagoon separates the city from a barrier island. Melbourne’s various beaches allow for plenty of swimming and relaxing. If you’re more adventurous, there are water sports such as jet skiing, surf lessons or a guided kayak tour.
This Southern city has an affordable cost of living, and you can own a home near the beach for a median of just $1,363 per month with a mortgage. Renters pay a median of $1,159 monthly. Often referred to as the Space Coast, Melbourne locals can view important launches at the nearby Kennedy Space Center and Cape Canaveral Air Force Station. The local area code is 3-2-1 in reference to the countdown to liftoff.
Chicago
Commonly called the “Windy City,” Chicago is located along the shore of the gigantic Lake Michigan. The third most-populous city in the U.S offers plenty of big-city amenities. Yet housing is less expensive in Chicago than in similarly sized coastal cities. A home with a mortgage costs a median of $2,097 per month, but you can rent for a median of just $1,209 monthly.
Chicago is fortunate to have two hospitals, Northwestern Memorial Hospital and Rush University Medical Center, that both made the U.S. News Best Hospitals honor roll. The medical care might make it a good fit for those looking to retire along water in the Midwest and live close to health facilities.
[See: The Best College Towns for Retirement.]
Cape Coral, Florida
Waterfront property is easy to come by in Cape Coral, where there are more than 400 miles of canals. This western Florida city provides multiple opportunities for boating on the extensive canal system, Caloosahatchee River and the Gulf of Mexico. Retirees pay a median of $1,562 per month for a house with a mortgage. The median rent is $1,456 monthly. There’s also no state income tax in Florida, which helps keep costs low.
Bear in mind that you may want to do research before settling in near water. “Common drawbacks can include the risk of flooding or damage from storms, higher insurance and maintenance costs, and in some instances, limited access to certain amenities or services,” says Richard Connelly, a real estate agent with The Connelly Team at Douglas Elliman based in New York, who has experience finding retirees waterfront properties.
Sarasota, Florida
Sarasota’s reasonable housing costs could make it an attractive spot if you’re seeking lower prices and want to retire in the Southwest region of Florida. The median housing expense is $1,603 per month among homeowners with a mortgage and $1,415 monthly for renters.
Sarasota is located on the Sarasota Bay near the Gulf of Mexico. Sarasota’s beaches, which include Siesta Key and Lido Key, are known for their unusually soft powdery sand. You might encounter a dolphin or manatee while boating or paddle boarding on the Sarasota Bay. When family members come to visit, you could invite them on a relaxing sunset cruise.
Before selecting a place, think through your lifestyle plans. Choose an area that aligns with your interests and budget. Then, get ready to take in the view. “Overall, retiring by the water can offer a relaxing and enjoyable lifestyle while providing opportunities for physical and mental well-being,” Connelly says.
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10 Affordable Places to Retire on the Water originally appeared on usnews.com
Update 03/28/23: This story was published at an earlier date and has been updated with new information.
