Coastal homes often come at a price, but in some areas, a surprising share of properties sit empty most of the year. For anyone looking for a quieter retirement base or a second home by the sea, these markets can make it easier to find the right property.
A recent study from Leave The Key looked at the U.S. metro areas with the highest percentage of vacant properties, and all of the top 10 are on the coast. Popular but seasonal beach destinations mean sellers might be more open to offers during off-peak times when the market is quieter.
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It’s also worth noting that insurance costs tend to be higher in high-risk coastal regions, with stronger storms, flooding and sea-level rise pushing premiums up, according to the Yale School of the Environment. While it might not a deal-breaker for buyers set on a coastal property, it’s worth keeping in mind when figuring out the overall cost of owning a home in these areas.
Below are the metro areas with the highest vacancy rates, all along the coast, where seasonal patterns can make buying easier.
Barnstable Town, Massachusetts
- Vacant homes: 54,458
- Vacancy rate: 32.5%
- Population: 232,570
- State average retirement income: $31,200
Atlantic City-Hammonton, New Jersey
- Vacant homes: 73,201
- Vacancy rate: 31.8%
- Population: 372,989
- State average retirement income: $30,700
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Naples-Marco Island, Florida
- Vacant homes: 78,695
- Vacancy rate: 31.6%
- Population: 416,233
- State average retirement income: $30,200
Crestview-Fort Walton Beach-Destin, Florida
- Vacant homes: 49,327
- Vacancy rate: 28.4%
- Population: 310,149
- State average retirement income: $30,200
Cape Coral-Fort Myers, Florida
- Vacant homes: 127,761
- Vacancy rate: 27.5%
- Population: 860,959
- State average retirement income: $30,200
Punta Gorda, Florida
- Vacant homes: 34,656
- Vacancy rate: 27.1%
- Population: 212,122
- State average retirement income: $30,200
Daphne-Fairhope-Foley, Alabama
- Vacant homes: 34,088
- Vacancy rate: 24.3%
- Population: 261,608
- State average retirement income: $24,900
Kahului-Wailuku, Hawaii
- Vacant homes: 16,880
- Vacancy rate: 23.6%
- Population: 163,769
- State average retirement income: $32,300
Myrtle Beach-Conway-North Myrtle Beach, South Carolina
- Vacant homes: 54,286
- Vacancy rate: 23.5%
- Population: 413,391
- State average retirement income: $26,200
Panama City-Panama City Beach, Florida
- Vacant homes: 29,099
- Vacancy rate: 23.6%
- Population: 226,221
- State average retirement income: $30,200
Editor’s note: Population figures from the U.S. Census Bureau. State average retirement income from Wisevoter.
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This article originally appeared on GOBankingRates.com: 10 Coastal Areas Where Vacant Homes Could Make Retirement Purchases More Affordable
