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Want Waterfront Property? Be Prepared to Pay a Premium

By Natalie Wise

It’s no secret that waterfront living is an expensive paradise found. But the cost of precious waterfront property can vary widely across the country. Here are the 10 most expensive cities for waterfront property compared with non-waterfront property.

On average across the country, waterfront living is at least double the cost. In Virginia Beach, Virginia, waterfront living is 3.5 times more expensive. Here in Tampa, you could purchase eight non-waterfront homes for the price of one waterfront property.

In the No. 1 city on the list, Riviera Beach, the difference between non-waterfront property and waterfront property is an astonishing 1154 percent. Non-beach property prices are quite low, making the jump from a $72,300 home to a $906,700 waterfront property the highest on the list.

In Sarasota, non-waterfront home prices are more expensive at $143,000, but waterfront home prices jump to $1.76 million, a 1132 percent premium.

Perhaps surprising at No. 3 is Gary, Indiana, on the shores of Lake Michigan. Gary has the lowest median non-waterfront property to start with, at $65,900. Lakefront property is $586,500, the lowest on the list, but still a 790 percent increase from non-waterfront property.

In Tampa, non-waterfront homes have a median price of $125,300, and waterfront properties are over $1 million, a difference of 733 percent, making the city the No. 4 most expensive waterfront city.

Two more Midwestern cities make the list with their waterfront property on the Great Lakes. Holland and Grand Haven, both in Michigan, nab the No. 5 and No. 6 spots on the list. The premium for waterfront property in Holland is 647 percent, and in Grand Haven, it is 587 percent.

Lake Worth is the No. 7 city on the list, where residents pay a premium of 573 percent to live on the water.

Homes in Laguna Beach, California, are pricey regardless of whether they are actually on the beach: the median non-waterfront home is $1.6 million. A home on the beach is 525 percent more, at over $10 million.

Coastal Dartmouth, Massachusetts, is the No. 9 city on the list. Non-waterfront homes are still expensive at over $300,000, and waterfront properties jump to over $1.8 million, a 488 percent premium.

The list of expensive waterfront cities wouldn’t be complete without a Hawaii listing, and Kailua fills the last spot on the list. A non-waterfront home is the second-most expensive on the list, as are waterfront homes. Non-beach property prices are $865,900, and beach property is over $4.5 million, a 421 percent premium.

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[Last modified: Wednesday, June 8, 2016 5:00pm]

    

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