While property along a shoreline can be pricey, retirees can find reasonable options available throughout the U.S.
To find the best affordable waterfront communities for retirement, we spoke with local real estate experts and reviewed annual rankings, including U.S. News’ Best Places to Retire and the Best Affordable Places to Live. Housing prices and the cost of living were key factors. We also took into account access to local amenities, such as fishing, boating and swimming.
Listed in alphabetical order, here are 10 affordable places to retire on the water:
— Ann Arbor, Michigan.
— Cape Coral, Florida.
— Jacksonville, Florida.
— Melbourne, Florida.
— Minneapolis-St. Paul, Minnesota.
— Orlando, Florida.
— Sarasota, Florida.
— Tampa, Florida.
— Toledo, Ohio.
— Virginia Beach, Virginia.
Ann Arbor, Michigan
Nicknamed “Tree City,” Ann Arbor is known for its cultural amenities and offers miles of scenic trails for walking and biking. Its location along the Huron River gives retirees plenty of access to kayaking, canoeing and fishing. You might want to try out the Huron River Water Trail, a 104-mile inland paddling trail. Ann Arbor has a population of around 120,000 and is home to the University of Michigan.
The median home price in Ann Arbor is $405,142, and it costs a median $1,218 for monthly rent.
Cape Coral, Florida
Waterfront property is easy to come by in Cape Coral, home to the largest intercoastal water canal system in the world with more than 400 miles of canals. The Caloosahatchee River and the Gulf of Mexico provide multiple opportunities for boating. Locals pay a median of $1,691 per month for a house with a mortgage while the median rent is $1,630 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 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,” said Richard Connelly, a real estate agent with the New York-based Connelly Team at Douglas Elliman, in an email.
[READ: The Best Places to Retire in Mexico.]
Jacksonville, Florida
Jacksonville has 22 miles of sandy beaches on the Atlantic coast. The St. Johns River runs through the center of the city, which allows for boating and freshwater fishing. The median home price is less than $400,000, or you could rent for a median of $1,175 monthly.
When house hunting, retirees should consider the potential for storms. There could also be problems with 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,” said Baron Christopher Hanson, an off-market commercial and investment property realtor in Stuart, Florida, in an email.
Melbourne, Florida
Melbourne is located on Florida’s east coast and has 33 miles of coastline. It is often referred to as the Space Coast, and locals can take in shuttle launches at the nearby Kennedy Space Center and Cape Canaveral Air Force Station. Even the local area code, 3-2-1, is a nod to the liftoff countdown.
The Indian River Lagoon separates the city from a barrier island. Melbourne’s many beaches allow for plenty of swimming and relaxing. More adventurous retirees can take part in local water sports such as jet skiing, surf lessons or kayaking.
In addition to its enviable climate and range of outdoor activities, this Southern city also has an affordable cost of living. Retirees can own a home for $217,400. Renters pay a median of $1,185 monthly.
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. Retirees can enjoy the Grand Rounds National Scenic Byway, which connects the area’s extensive park system via roads and trails for walking and biking. The cold winters allow for hockey and ice fishing, and the warmer months bring waterfalls and lakeside picnics.
The median housing for Minneapolis-St. Paul residents is $361,058. Renters can expect to pay $1,207 in monthly rent.
Minneapolis is also a college town with more than 50,000 students attending the University of Minnesota each school year. As a retiree, you may be eligible to audit courses for free.
[See: The Cheapest Places to Retire Abroad on $1K Per Month]
Orlando, Florida
Orlando‘s theme parks, convention centers and resorts draw visitors from around the world. The mild winters, extensive entertainment options and low cost of living also attract retirees.
Beyond its tourist attractions, Orlando is an inland city speckled with lakes. The median home costs less than $450,000, and the median rent is $1,363 per month. Retirees hoping to spend time at the beach can easily reach the Atlantic or Gulf Coast in less than two hours by car.
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 house price is $387,630, and it costs $1,359 monthly for renters.
is located on the Sarasota Bay near the Gulf of Mexico. Its beaches, which include Siesta Key and Lido Key, are known for their unusually soft powdery sand. While boating or paddle boarding on the Sarasota Bay, it’s not unusual to encounter dolphins and manatees.
Tampa, Florida
Tampa is a city of high rises and is also known as a beach destination for retirees and tourists. This western Florida city is located along the Tampa Bay and the Gulf of Mexico. The Port of Tampa has several cruise ship terminals, which makes it easy for retirees to travel to nearby destinations in the Gulf and Caribbean. Every year, Tampa hosts the Gasparilla Pirate Festival featuring mock pirates invading Tampa Bay, along with a series of parades and festivities. The median house price is $427,241, or it costs a median $1,230 monthly to rent.
Toledo, Ohio
While it has long been known for its auto manufacturing and glass industry, Toledo has a growing reputation for being a great place to make your home. Located at the western end of Lake Erie, the city stretches along the banks of the Maumee River. You can enjoy riverside parks and an extensive system of canals and waterways. The city also has historic neighborhoods to explore as well as art museums and science centers and music festivals. There’s lovely architecture to absorb too, including the Wildwood Manor House, which features the Georgian Colonial style.
Housing in this city will cost less than other national averages. The median home price is $157,983 and the median cost for renters is $809 a month.
[See: The Best Places to Retire in Florida.]
Virginia Beach, Virginia
If you love living near the water, Virginia Beach may be the place for you. Retirees here have access to the Atlantic Ocean, as well as the Chesapeake Bay and several rivers and lakes. 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 $317,466. Rent is $1,227 per month.
Before constructing a place on the water, check the local codes. “There may be restrictions on building and zoning near waterfronts,” said Joel Comino, chief executive officer and founder of Next Modular in Goshen, Indiana, in an email. Retirees should also factor in extra repairs and upkeep to their budget, as humidity and salt can damage the exterior over time.
There’s plenty to do in the region, with beach activities 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.
Before selecting a home near the water, think through your lifestyle plans. Choose an area that realistically aligns with your interests and budget. “Overall, retiring by the water can offer a relaxing and enjoyable lifestyle while providing opportunities for physical and mental well-being,” Connelly said.
More from U.S. News
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What Is the Average Retirement Age in the U.S.?
The Most Tax-Friendly States for Retirees
10 Affordable Places to Retire on the Water originally appeared on usnews.com
Update 03/26/24: This story was published at an earlier date and has been updated with new information.
