Florida Waterfront for Under $500K? 6 Places You Can Find It

If you’re looking for a waterfront property in the state of Florida, the good news is that there are still various destinations with affordable options. Even though real estate prices have increased in the last few years, it doesn’t mean you have to spend a million dollars on a property if you want to live by the water.

Where can you find affordable homes in Florida with access to lakes, rivers or canals? GOBankingRates contacted Florida-based real estate agents to help find waterfront properties selling for under $500,000 in various locations.

“You can find affordable waterfront property in Florida if you are willing to compromise on your location,” said Aja McClanahan from Space Coast Move HQ. “If you want to be beachfront in Miami or Naples, you’re looking at millions. However, if a canal, creek, river or otherwise navigable waterway works for you, Florida has tons of options.”

Many locations offer homes at reasonable prices with waterfront access if you’re looking to retire or just want to relocate. You just have to be willing to accept that you may have to look outside of the typical popular locations that tourists tend to flock to.

“There’s a misconception that within the $500,000 and lower price points, you cannot get a luxury coastal home in Florida, but that’s simply untrue,” said Kersten Reed Bowman, Realtor at Corcoran Reverie. “It all comes down to the details, like how many bedrooms and bathrooms you would like in the home, what sort of coastal access and/or views you’re looking for, and what amenities you’re interested in.”

“The best spots for affordable waterfront houses under $500,000 include Jacksonville, the Space Coast near Titusville and Cape Coral on the Gulf Coast,” said Andres Rodriguez from Orbit Properties. “These places are great, because they’re not too expensive, and you get beautiful views and water access.”

“Jacksonville is getting bigger, but it’s still cheaper than other places by the water in Florida,” Rodriguez said.

While this destination is becoming more popular, it still has affordable properties if you’re looking to make the move.

“Jacksonville, which is on the Atlantic side of the Florida panhandle, is a great place to find a good buy on a waterfront home,” added Omer Reiner, a licensed Realtor from the area. “The average price there for a single-family home is just above $300,000.”

Jacksonville comes first on this list because it’s becoming more expensive, but there are still reasonable condos and units that you can find by the water. You can also save money by finding something near the beach but not on it, if you want to experience the lifestyle without paying the full price.

“The Space Coast is close to Orlando and space stuff, which makes it cool and still affordable,” said Rodriguez.

A popular area for finding affordable waterfront homes in this region is Titusville — a quick search through listings will bring up multiple units currently available below the $500,000 mark.

“Cape Coral has lots of canals, so you can find a lot of houses by the water without spending too much money,” Rodriguez said.

McClanahan offered a similar sentiment: “Cape Coral is known for its extensive canal system that offers many waterfront properties.”

There are listings with canal access going for under $500,000 at the moment that may be attractive to someone looking to live by the water.

“Just a stone’s throw from Pensacola sits this beautiful, brand-new coastal community of townhomes available for $465,000 and under,” said Bowman. “The units maintain expansive water views and direct water access.”

“Another area I recommend looking into is the Emerald Coast, specifically Destin over towards the 30A coastline,” Bowman said. “There are condominium units and studios at or around $500,000. Potential units typically maintain a community pool and/or are near the beach.”

McClanahan said that this area is enticing because of the waterfront homes with quick access to Charlotte Harbor and the Gulf of Mexico. Three-bedroom homes are currently selling for under $500,000.

“Finding an affordable waterfront property in St. Petersburg — Bay or Beach — or South Tampa is extremely difficult in the current market,” said Chris Perreault, general manager of New Western in St. Petersburg. “For example, I’m currently showing only four active properties available under $500,000 with access to open water between St. Pete and Tampa, all four of which look to be in somewhat of a distressed state.

“That said, inventory of $500,000 and below houses with waterfront property increases the further north you travel along the coast, up past Palm Harbor and into Pasco County.”

Perreault concluded, “Home prices in Florida overall were 5% higher in December 2023 than the previous year, and it doesn’t show signs of slowing down. With interest rates settling in, I believe the Florida market will thrive in 2024.”

“The Florida coastline offers a living community for every price point and family type — that’s the beauty of our state and the many people who call it home,” concluded Bowman.

If you want to move to Florida, you can still find waterfront properties for under $500,000. There’s something for every budget in the state.