The 12 Best Places For Affordable Waterfront Properties

Life on the water can be filled with scenic sunrises, free recreation and days spent lounging on the boat. A waterfront property is on many wish lists, but affordability and inventory issues can make lake houses, beachfront homes and riverside properties feel out of reach. With many types of bodies of water to enjoy across the U.S. – and a multitude available in more affordable areas – waterfront homeownership can be attained. In every region of the U.S. there are places to find affordable waterfront properties without sinking one’s savings.

Finding The Best Places For Affordable Waterfront Property

The researchers at BestPlaces.net used the following metrics to determine some of the places for enjoying life on the water.

• Percent of waterfront properties
• Median home price
• Flood and hurricane risk

To make sure we included all areas of the country and various types of waterfronts – from rivers and other waterways to lakes and oceans – our list is broken into the four census regions of the U.S. and includes the top three metro areas from each region.

In search of more affordable areas, we removed from the list any city that had a median home price higher than $500,000. Keep in mind that houses closest to the water will likely have a home value higher than the median home price of the area as this is an additional feature of the home. Property taxes will also likely be higher for these types of properties.

Cities with a crime rate higher than 55% of the country were filtered out of this study. To provide a wider range of areas, we also filtered out any metro areas within a 200-mile radius of a higher-ranking area in the same state. Based on data curated and ranked by BestPlaces.net and Rocket Homes^SM, these are the best places for waterfront property that’s more affordable.

The Midwest

1. Duluth, Minnesota

• Metro population: 278,091
• Percent of waterfront properties: 1.31%
• Median home price: $200,800

Duluth sits along the shores of Lake Superior, the world’s largest freshwater lake by area. It also touches the St. Louis River Bay, St. Louis River and Spirit Lake. This provides ample opportunity to live on or near the water. Residents not directly on the water can enjoy the city’s many public access points, boat clubs, beaches, trails and the world’s longest freshwater sand bar. Minnesota’s residents can also enjoy freshwater splendors indoors at the Great Lakes Aquarium, the nation’s first all-freshwater aquarium.

2. Carbondale, Illinois

• Metro population: 123,347
• Percent of waterfront properties: 1.13%
• Median home price: $120,600

At just below $125,000, Carbondale’s median home price is lower than 98% of the country. The metro area is dotted with several lakes, including large ones like Cedar Lake, Crab Lake, Little Grassy Lake and Devils Kitchen Lake. Inside city limits, there are smaller water features along with two main lakes – Southern Illinois University’s Campus Lake and the Carbondale Reservoir, a 135-acre lake that welcomes boating and fishing.

3. Oshkosh, Wisconsin

• Metro population: 171,907
• Percent of waterfront properties: 1.53%
• Median home price: $236,600

Oshkosh is split in two by the Fox River, which runs directly through the Wisconsin city east and west. The river starts in Lake Winnebago (Wisconsin’s largest inland lake) and feeds into Lake Butte des Morts – both lakes bordering parts of Oshkosh. The city also features Sawyer Creek, which hosts private docks, canoes, kayaks and small fishing boats from waterfront properties.

The Northeast

1. Watertown, New York

• Metro population: 109,834
• Percent of waterfront properties: 1.13%
• Median home price: $ 179,100

With a name like Watertown, one would expect some kind of water features. What one may not expect is the world-renowned whitewater rafting and kayaking river that flows directly through the city. The Watertown stretch of the Black River offers some of the best whitewater spots – so good, the urban area has played host to the North American Freestyle Kayak Championship. Those who are a little less daring can still enjoy the rapids from observation areas and riverwalks set up along the water. Residents could also venture to nearby communities, where the waters are a little calmer and open for fishing and boating, or they can drive less than 15 miles east to Lake Ontario. 

2. Atlantic City, New Jersey

• Metro population: 263,670
• Percent of waterfront properties: 2.17%
• Median home price: $301,600

Atlantic City is famous for its beaches, boardwalk and casinos, but there’s more to America’s playground. Almost completely surrounded by water, the city features the Atlantic Coast and several bays, thorofares and canals. It ranks in the top 2% of the country for its percent of waterfront properties and is near many other coastal cities and small islands. 

3. Bangor, Maine

• Metro population: 152,148
• Percent of waterfront properties: 1.18%
• Median home price: $244,145

Not only is Bangor a good place for more affordable waterfront properties, it’s also one of the most affordable places to live in general. That’s because its sales tax is lower than 92% of the country and its overall cost of living is 16% below the national average. This possibly gives residents more funds to enjoy the entertainment and recreation on the city’s Penobscot River and Kenduskeag Stream and at nearby lake, bay-area and Atlantic-coast beaches – all within an hour drive.

The South

1. Morristown, Tennessee

• Metro population: 119,429
• Percent of waterfront properties: 1.79%
• Median home price: $230,400

With all the natural adventure to be found in Morristown, it’s no surprise that the city was once home to Davy Crockett, king of the wild frontier. At the foothills of the Smoky Mountains, and sandwiched between the Cherokee and Douglas Lakes, the metro area features more than 10 different creeks to live near. Along with lakes and creeks for recreation, the city offers several historic spots, state parks, hiking trails and four championship disc golf courses (it’s known as Tennessee’s disc golf capital). 

2. Florence, Alabama

• Metro population: 147,970
• Percent of waterfront properties: 1.32%
• Median home price: $178,400

Residing in Florence could mean living in a home on the bluffs, overlooking the Tennessee River or traversing more than 300 miles of woods in search of picturesque creeks and rushing waterfalls. Nearby parks host fishing piers, boat ramps, ponds, ancient trails and even a floating restaurant. Even more recreation can be had on Lake Wilson and Wheeler Lake, popular for scenic cruises, swimming or catfish and bass fishing.

3. Sebring, Florida 

• Metro population: 106,221
• Percent of waterfront properties: 2.02%
• Median home price: $220,500

More than one-third of Sebring’s 16 square miles of total area is water. Within city limits, six larger-sized lakes provide opportunities for fishing, swimming, air boating and kayaking. Its largest lake, Lake Jackson, hosts many waterfront properties as well as a public beach, pier and multiple city parks. Just outside the city, countless lakes, including Lake Placid and Lake Istokpoga, offer more potential properties to enjoy life on the water.

The West

1.  Wenatchee, Washington 

• Metro population: 120,629
• Percent of waterfront properties: 1.31%
• Median home price: $455,900

Nestled between the Wenatchee Mountains and Columbia River, Wenatchee offers scenic swimming, boating and kayaking. At the confluence of the Wenatchee and Columbia rivers, city dwellers escape the hustle and bustle of downtown life as they explore various inlets and meander around islands – without leaving city limits. While the area has both flat, glass-like water areas and raging white-water rapids, there is one thing it’s without: hurricane and flood risk. The Wenatchee metro area ranks in the top 5% of the country for its low risk of these natural disasters.

2.  Lake Havasu, Arizona

• Metro population: 212,181
• Percent of waterfront properties: 0.32%
• Median home price: $329,900

The city of Lake Havasu features 400 miles of coastline and 60 miles of waterways from Lake Havasu – a large reservoir created by the Parker Dam. Known as “Arizona’s playground,” the city provides a coastal-like experience in the desert, with white sand beaches surrounding the popular lake. Residents and visitors alike can relish in the grandeur of Lake Havasu year-round, as the city typically experiences 300 days of sunshine and an average high of 86.6 degrees – though in the summer months, it can be over 100. And while water temperatures can be as chilly as 50 degrees in the winter months, they can range between a comfortable 75 – 87 degrees in the summer.

3.  Logan, Utah

• Metro population: 142,165
• Percent of waterfront properties: 0.26%
• Median home price: $428,700 

Located in the Cache Valley, the Logan metro area is home to four reservoirs, popular for water skiing and fishing, and Bear Lake, a bright-blue, natural freshwater lake spanning 109 square miles. Those who wish to enjoy a calmer swim or float can visit nearby Tony Grove Lake, a scenic glacial lake where motorized boats are prohibited.

Methodology: Finding The Best Cities With Waterfront Properties

In this study, we reveal the best places for more affordable waterfront property.  Our study looks at the concentration of houses along lakes, rivers and ocean in metropolitan areas. We also consider the cost of homes in those metro areas, and the risk of hurricanes and flooding. And we filter out the areas of above-average crime – and median home values over $500,000.

The research team at BestPlaces.net analyzed and processed cartographic (mapping) data from federal and industry sources to determine the shorelines of the ocean, lakes and large rivers, and the housing which is located there. We chose metrics which are as current and as detailed as possible to provide the most relevant insight. We also compared the risks of hurricanes and flooding from rivers and oceans. Finally, we included crime data from the FBI.

The places analyzed in our study are the 383 largest metropolitan areas in the United States.  These 383 metro areas are home to over 85% of all U.S. residents. Metropolitan areas are particularly useful for our rankings because they include not only each area's major cities but also the surrounding counties which include the suburbs.

Each data category is normalized and transformed to a common range of 0 – 100 points for scoring and comparison. Weights are applied to each metric which reflects its importance in the study. The weighted scores for each metric are summed to create the overall best places for more affordable waterfront properties. The final scores are sorted to produce the final rankings.

Other statistics and sources were used in this study including the following: