6 Surprisingly Affordable Places To Own Waterfront Property
Written by
Caitlyn Moorhead
Edited by
Somnia Keesey
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Many Americans dream of owning waterfront property. While reaching this financial milestone does require a significant amount of money, it may be financially possible to pull off depending on the location. While places like Ohio and Texas may not be the first places you think of when you imagine “waterfront,” don’t sleep on some surprisingly amazing, and more importantly affordable, real estate that can be the lake house or seaside escape of your dreams.
GOBankingRates did the leg work for you and found some of the following top options. Consider exploring these six places if you want to own waterfront property.
Cleveland
- Population: 367,523
- Average home value: $108,532
- Average monthly mortgage payement: $643
- Total cost of living annually: $30,108
- Livability score: 72
Tennessee William is famous for saying, “America has only three cities: New York, San Francisco and New Orleans. Everywhere else is Cleveland.” Well clearly, he hadn’t seen how many waterfront properties you could buy on a playwright’s salary.
Jamestown, New York
- Population: 28,401
- Average home value: $114,323
- Average monthly mortgage payment: $677
- Total cost of living annually: $30,256
- Livability score: 68
One of Jamestown’s biggest selling points is the stunning natural beauty of the surrounding area, which has 5 lakes. It’s also home to tons of trails for hiking, biking and even several options for skiing within an hour’s drive, making it ideal for both water lovers and outdoor enthusiasts.
Port Arthur, Texas
- Population: 55,779
- Average home value: $107,050
- Average monthly mortgage payment: $634
- Total cost of living annually: $30,281
- Livability score: 61
Though it does have one of the lower livability ratings on this list, that doesn’t negate that you can find some very affordable housing nestled right next to water. Port Arthur can be considered appealing for those seeking a mix of tranquility and access to the Intracoastal Waterway or Sabine Lake.
Toledo, Ohio
- Population: 268,461
- Average home value: $119,488
- Average monthly mortgage payment: $708
- Total cost of living annually: $30,777
- Livability score: 66
Toledo, Ohio, sits on the shores of Lake Erie, and waterfront properties offer you ample opportunities for boating, fishing, swimming, kayaking and more. Even though it’s a big city, the average cost of living estimate for residents comes in around only $2,565.
Pascagoula, Mississippi
- Population: 21,812
- Average home value: $134,834
- Average monthly mortgage payment: $798
- Total cost of living annually: $32,213
- Livability score: 70
This sleepy and affordable beach town is known for its coastal charm and tight-knit community. Plus, the current home prices indicate that houses are quickly becoming cheaper to buy in Pascagoula, which could make it an amazing long-term real estate investment.
Detroit
- Population: 636,644
- Average home value: $71,503
- Average monthly mortgage payment: $423
- Total cost of living annually: $32,663
- Livability score: 73
This city of Detroit may conjure images of Robocop, Beverly Hills Cop or some other law enforced dystopian future of the 1980s, but did you know you can get some beautiful waterfront property here as well? Also, having an average mortgage payment under $500 is no easy feat in today’s economy. Factor in the relatively affordable cost of living and this city may be where you end up investing in waterfront property.
Methodology: For this study, GOBankingRates analyzed waterfront properties in the United States to find places that might be surprisingly affordable to live on the water. GOBankingRates found cities sourced from US News & World Report’s the Best Places to Live by the Beach in the US for 2024-2025, World Wild Schooling’s Must Visit US Coastal Cities, Far and Wide’s Most Affordable Beach Towns in the United States, Love Exploring’s America’s Most Charming Seaside Towns, Realtor.com’s Most Affordable Beach Towns for Homebuyers in 2024, SourthernLiving’s 2024 Waterfront Towns, Travel and Leisure’s Best Beach Towns in the United States, Travel and Leisure’s Best Secluded Beaches in the US, Tripsavvy’s Best Beach Towns in the United States, USA Today’s Most Affordable Waterfront Cities in America, Viator’s The Best Waterfront Destinations in the US, and WSAZ’s 100 Best Beach towns in the US. For each location, a number of factors were found, including total population, population ages 65 and over, total households, and household median income, all sourced from the US Census American Community Survey. The cost of living indices were sourced from Sperlings BestPlaces and include the grocery, healthcare, housing, utilities, transportation, and miscellaneous cost of living indices. Using the cost of living indices and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The livability index was sourced from AreaVibes for each location. The average single-family home value was sourced from the Zillow Home Value Index for April 2025. Using the average single-family home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. The cities were sorted to show the most affordable total cost of living in a waterfront city. All data was collected on and is up to date as of June 9th, 2025.
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