Yes, You Can Find an Affordable Waterfront Home

A second home on the water may seem like a lofty goal – and possibly an unattainable one. Waterfront homes sound pricey, and a second mortgage for many would need to be well, decidedly not pricey.

A recent report from GOBankingRates, however, works to dispel that notion, surveying 112 top ocean and lakefront cities based on median list price, state income, and overall affordability.

“Cities with the highest percentage of leftover income ranked at the top of the survey,” the report said.

And a caveat: If you’re looking for waterfront in Malibu or Miami, you won’t find it on this list. But if you are fine with less popular oceanfront and lakefront properties, and are on a budget, there is likely something here for you.

Jamestown, New York; Atlantic City, New Jersey; Rochester, New York; Oswego, New York; and Erie, Pennsylvania top the list.

What made Jamestown tops? Its average state income is $62,765, and with affordable housing and other necessities, residents have about 66 percent of their income left to play with.

“Nestled up against the Chautauqua Lake and split by the Chadakoin River, Jamestown offers plenty of waterfront activities,” GOBankingRates said. “The city has the lowest median home price on the list, along with the cheapest overall cost of living, making it the king of affordable waterfront locations.”

While there are plenty of lakeside properties, you can also find beach properties in Ocean City, Maryland (17); Coos Bay, Oregon (24); and Atlantic City (2).

You can check out the complete list of affordable waterfront cities here.