Yahoo Finance Housing Market 2024: The Most Overpriced Beach Towns on the East Coast
It’s not uncommon to go on vacation to a beach town and daydream about the possibility of relocating to live there after the trip is over. For those dreaming of living in a beach town on the East Coast, however, they may be in for a bit of sticker shock once they find out how much money it costs to live there.
Explore More: Barbara Corcoran: 3 Cities To Invest In Real Estate Now Before Prices Skyrocket
Read Next: Become a Real Estate Investor for Just $1K Using This Bezos-Backed Startup
To determine which beach towns on the East Coast are the most overpriced, GOBankingRates reviewed East Coast cities with the best beach towns as sourced by Travel + Leisure, WSAZ, LoveExploring and Realtor. Factors sourced for each city include the cost of living indexes, average expenditure cost, average home value and mortgage cost, total monthly cost of living and livability index. Each city’s average home value was also compared to the statewide average using the state average single-family home value. Florida was revealed to be the state with the most overpriced beach towns with eight towns ranking in the top 25.
Ranked from 25th to first place, keep reading for the East Coast’s most overpriced beach towns.
25. Naples, Florida
Population total: 19,315
Livability: 79
Average home value (April 2024): $737,179
Average mortgage cost: $4,410
Average expenditure cost: $2,007
Total monthly cost of living: $6,416
$ difference from state average home value: $319,951
% of state average home value: 177%
Be Aware: Don’t Buy a House in These 3 Cities Facing a ‘Climate Change Real Estate Bubble’
Learn More: 8 States To Move to If You Don’t Want To Pay Taxes on Social Security
Wealthy people know the best money secrets. Learn how to copy them.
24. Big Pine Key, Florida
Population total: 4,502
Livability: 63
Average home value (April 2024): $802,362
Average mortgage cost: $4,799
Average expenditure cost: $2,281
Total monthly cost of living: $7,081
$ difference from state average home value: $385,134
% of state average home value: 192%
Discover More: 10 Dangerous Cities You Shouldn’t Buy a Home in No Matter the Price
23. Charleston, South Carolina
Population total: 149,960
Livability: 77
Average home value (April 2024): $576,269
Average mortgage cost: $3,447
Average expenditure cost: $1,982
Total monthly cost of living: $5,429
$ difference from state average home value: $278,797
% of state average home value: 194%
22. Chatham, Massachusetts
Population total: 1,637
Livability: 65
Average home value (April 2024): $1,269,533
Average mortgage cost: $7,594
Average expenditure cost: $2,102
Total monthly cost of living: $9,696
$ difference from state average home value: $624,288
% of state average home value: 197%
21. Newport, Rhode Island
Population total: 25,087
Livability: 78
Average home value (April 2024): $930,043
Average mortgage cost: $5,563
Average expenditure cost: $2,024
Total monthly cost of living: $7,588
$ difference from state average home value: $461,249
% of state average home value: 198%
20. Eastpoint, Florida
Population total: 2,624
Livability: 56
Average home value (April 2024): $837,647
Average mortgage cost: $5,011
Average expenditure cost: $1,989
Total monthly cost of living: $7,000
$ difference from state average home value: $420,419
% of state average home value: 201%
Read More: 5 Midwest Cities Where You Can Buy Luxury Homes for $100,000 or Less
19. Kitty Hawk, North Carolina
Population total: 3,690
Livability: 72
Average home value (April 2024): $682,883
Average mortgage cost: $4,085
Average expenditure cost: $1,971
Total monthly cost of living: $6,056
$ difference from state average home value: $348,663
% of state average home value: 204%
18. Nags Head, North Carolina
Population total: 3,153
Livability: 62
Average home value (April 2024): $762,467
Average mortgage cost: $4,561
Average expenditure cost: $1,988
Total monthly cost of living: $6,548
$ difference from state average home value: $428,247
% of state average home value: 228%
17. Indian Rocks Beach, Florida
Population total: 3,689
Livability: 75
Average home value (April 2024): $1,004,907
Average mortgage cost: $6,011
Average expenditure cost: $2,096
Total monthly cost of living: $8,107
$ difference from state average home value: $587,679
% of state average home value: 241%
16. Tybee Island, Georgia
Population total: 3,126
Livability: 59
Average home value (April 2024): $809,694
Average mortgage cost: $4,843
Average expenditure cost: $1,979
Total monthly cost of living: $6,823
$ difference from state average home value: $476,692
% of state average home value: 243%
Check Out: 7 Locations Where Housing Prices Are Plummeting Post-Pandemic
15. Emerald Isle, North Carolina
Population total: 3,870
Livability: 61
Average home value (April 2024): $824,665
Average mortgage cost: $4,933
Average expenditure cost: $2,030
Total monthly cost of living: $6,963
$ difference from state average home value: $490,445
% of state average home value: 247%
14. Kure Beach, North Carolina
Population total: 2,313
Livability: 65
Average home value (April 2024): $831,721
Average mortgage cost: $4,975
Average expenditure cost: $2,155
Total monthly cost of living: $7,130
$ difference from state average home value: $497,501
% of state average home value: 249%
13. Atlantic Beach, North Carolina
Population total: 1,736
Livability: 67
Average home value (April 2024): $836,690
Average mortgage cost: $5,005
Average expenditure cost: $1,987
Total monthly cost of living: $6,992
$ difference from state average home value: $502,470
% of state average home value: 250%
12. Provincetown, Massachusetts
Population total: 3,433
Livability: 82
Average home value (April 2024): $1,756,210
Average mortgage cost: $10,505
Average expenditure cost: $2,103
Total monthly cost of living: $12,608
$ difference from state average home value: $1,110,965
% of state average home value: 272%
Read Next: I’m a Home Staging Expert: Watch Out for These 5 Staging Red Flags When You’re Buying a Home
11. Sanibel, Florida
Population total: 6,420
Livability: 67
Average home value (April 2024): $1,139,227
Average mortgage cost: $6,814
Average expenditure cost: $2,135
Total monthly cost of living: $8,949
$ difference from state average home value: $721,999
% of state average home value: 273%
10. Kennebunkport, Maine
Population total: 1,318
Livability: 68
Average home value (April 2024): $1,179,029
Average mortgage cost: $7,053
Average expenditure cost: $2,016
Total monthly cost of living: $9,068
$ difference from state average home value: $783,991
% of state average home value: 298%
9. Key West, Florida
Population total: 26,078
Livability: 82
Average home value (April 2024): $1,263,733
Average mortgage cost: $7,559
Average expenditure cost: $2,204
Total monthly cost of living: $9,763
$ difference from state average home value: $846,505
% of state average home value: 303%
8. Hilton Head Island, South Carolina
Population total: 37,708
Livability: 63
Average home value (April 2024): $1,026,763
Average mortgage cost: $6,142
Average expenditure cost: $2,034
Total monthly cost of living: $8,176
$ difference from state average home value: $729,290
% of state average home value: 345%
Learn More: Cheapest Places To Buy a Home in Every State
7. Longboat Key, Florida
Population total: 7,479
Livability: 63
Average home value (April 2024): $1,570,515
Average mortgage cost: $9,394
Average expenditure cost: $2,164
Total monthly cost of living: $11,558
$ difference from state average home value: $1,153,287
% of state average home value: 376%
6. Montauk, New York
Population total: 4,322
Livability: 69
Average home value (April 2024): $1,922,247
Average mortgage cost: $11,498
Average expenditure cost: $2,289
Total monthly cost of living: $13,787
$ difference from state average home value: $1,478,882
% of state average home value: 434%
5. Sag Harbor, New York
Population total: 2,587
Livability: 70
Average home value (April 2024): $2,008,969
Average mortgage cost: $12,017
Average expenditure cost: $2,340
Total monthly cost of living: $14,357
$ difference from state average home value: $1,565,604
% of state average home value: 453%
4. Folly Beach, South Carolina
Population total: 1,020
Livability: 57
Average home value (April 2024): $1,352,921
Average mortgage cost: $8,093
Average expenditure cost: $2,017
Total monthly cost of living: $10,110
$ difference from state average home value: $1,055,449
% of state average home value: 455%
For You: I’m a Real Estate Investor: 10 Places I Would Never Buy Property
3. Nantucket, Massachusetts
Population total: 10,479
Livability: 72
Average home value (April 2024): $2,973,334
Average mortgage cost: $17,786
Average expenditure cost: $2,114
Total monthly cost of living: $19,899
$ difference from state average home value: $2,328,089
% of state average home value: 461%
2. Miami Beach, Florida
Population total: 82,400
Livability: 70
Average home value (April 2024): $2,596,041
Average mortgage cost: $15,529
Average expenditure cost: $2,232
Total monthly cost of living: $17,761
$ difference from state average home value: $2,178,813
% of state average home value: 622%
1. Wrightsville Beach, North Carolina
Population total: 2,848
Livability: 60
Average home value (April 2024): $2,088,165
Average mortgage cost: $12,491
Average expenditure cost: $2,006
Total monthly cost of living: $14,497
$ difference from state average home value: $1,753,945
% of state average home value: 625%
Photo disclaimer: Photos are for illustrative purposes only. In many cases, the closest major city outside of the city/county mentioned in the article was used.
Methodology: For this study, GOBankingRates found the most overpriced beach towns on the East Coast. First GOBankingRates found cities along the East Coast with the best beach towns as sourced from Travel + Leisure, WSAZ, LoveExploring, and Realtor. For each city, the cost of living indexes were sourced from Sperling’s BestPlaces and used to calculate the average expenditure cost in each city by using the national average expenditure costs for all residents as sourced from the Bureau of Labor Statistics 2022 Consumer Expenditure Survey. The average home value from each city was sourced from Zillow Home Value Index. Assuming a 10% down payment and using the national average 30-year mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost can be calculated. Using the average mortgage and average expenditure cost, the monthly total cost of living can be calculated. Using the state average single-family home value, as sourced from Zillow Home Value Index from April 2024, the average home value from each city can be compared to the statewide average. The livability index was sourced from AreaVibes as supplemental information. The cities were sorted by the percent that their home values compare to the statewide home values, from largest to smallest, representing the housing markets that are overpriced. All data was collected on and is up to date as of June 12, 2024.
More From GOBankingRates
5 Places in America To Retire That Are Just as Cheap as Mexico, Portugal and Costa Rica
This is The Single Most Overlooked Tool for Becoming Debt-Free
This article originally appeared on GOBankingRates.com: Housing Market 2024: The Most Overpriced Beach Towns on the East Coast
