The words waterfront property is to many people synonymous with ocean and, it then follows, unaffordability.
There is certainly truth behind this stereotype as prices for a median home in some coastal parts of California rose by more than 40% between 2021 and 2022. In Hawaii, prices for a median home rose by nearly 19%.
But widening one's horizons and looking away from the most popular destination often leads to unexpected solutions for those who have that simmering dream of living by the water.
One such option is the lakehouse which is, as a whole, less expensive than the beach property and leaves buyers with more towns away from coastal cities to consider.
"There has been a steady uptick in the number of people seeking out homes in lake towns over the past few years," Glenn S. Phillips, a Realtor and head of Lake Homes Realty told Realtor.com. "[...] Many of those seek out the more rural lake towns where homes may be relatively more affordable than at larger lakes or at lakes near cities."
Where Are The Cheap Lakefront Homes At?
In its annual round-up of affordable lakeside towns, Realtor.com identified a number of American towns where one could get a lakeside property under $300,000 or even $200,000.
realtor.com
For those who can't imagine not being driving distance from New York, there are options like Winsted, Conn. The local Highland Lake sits at the foot of the Berkshire Mountains while a median home lists for $260,000.
Something right by the lake will almost always run up of median but, right now, there is this two-bedroom condo that leads onto a shared dock and costs $319,000.
For a city that remains a tourist destination due to its spot for two Winter Olympics, New York's Lake Placid is also surprisingly affordable with a median listing price of $279,000.
"Located in the Adirondack Mountains and surrounded by rivers famous for fly-fishing, cliffs made for climbing (and jumping), and lakes ideal for a host of water sports, Lake Placid is one of the most sought-after vacation spots in New York," reads the report.
Shutterstock
While no towns in California or even Washington or Oregon made the list, those willing to move away from coastal cities will find a plethora of options — median homes go for $224,000 in Oklahoma's Sulphur, $301,000 in Iowa's Spirit Lake and just $146,000 in Wisconsin's Ashland.
"Located just south of the Iowa-Minnesota border, Spirit Lake sits on the western shore of East Okoboji Lake, in the Iowa Great Lakes region," the report reads of Spirit Lake. "The region boasts seven lakes, with the three largest natural bodies of water located in the town proper: Big Spirit Lake, West Okoboji Lake, and East Okoboji Lake."
Deciding where to buy should come down to knowing whether you want it to be your don't-bother-me getaway (in which case, remote is great) or a rental (which generally needs to be in a lakeside town popular with the tourists.)
Sometimes it can even be both; Alaska's Ketchikan is both far away from the mainland and extremely popular with visitors who come to see the state.
For that reason, the median home's listing price is slightly higher than the rest of the towns on the list at $420,000.
