/The Most Affordable Places to Retire on the Water

The Most Affordable Places to Retire on the Water

Enjoying retiring in a home with oceanfront or lakeside views doesn’t necessarily sound affordable.

But there are still parts of the country with more reasonably priced options and amenities that retirees need. (U.S. News & World Report)

Cape Coral, Florida

Waterfront property is easy to come by in Cape Coral, where there are over 400 miles of canals. This western Florida city provides multiple opportunities for boating on the extensive canal system, Caloosahatchee River and the Gulf of Mexico. Retirees pay a median of $1,406 per month for a house with a mortgage or $581 monthly with a paid-off home to cover other expenses including taxes and insurance, according to Census Bureau data. The median rent for those age 60 and older is $1,096 monthly. A bonus: There’s no state income tax in Florida.

Charleston, South Carolina

Tourists flock to Charleston for its historic architecture and unique sense of southern hospitality and charm. This Atlantic Ocean city with a rich history can also be an affordable place to spend your retirement years. Retirees pay a median of $1,428 per month for a house with a mortgage in the Charleston metro area. Retirees with paid-off homes have a median of $476 in monthly housing costs. Rents can be high in some areas, costing retirees a median of $1,000 per month.

Continue reading at U.S. News & World Report.