We are new empty nesters in our mid-50s and ready to retire. Where can we buy a move-in ready beach house with a guest room, in Hawaii or somewhere similar, for $1 million or less?
Dear empty clans,
Congratulations on this new era of your life as the empty nester approaches retirement. That's a lot to achieve by your mid-50s, and a lot to celebrate. This is all great news.
Now for the bad news.
A beach house big enough for guests, move-in ready, in Hawaii or somewhere like it, for under a million dollars? You'll need a bigger budget. Or different parameters.
The median sales price for single-family homes on Oahu remains above $1 million, ending the year at $1,050,000, according to the Hawaii Board of Realtors. The median sales price for an apartment was $508,500, a decrease of 0.3% from the previous year. This applies to all homes on Oahu, not just beach homes. The median price, of course, means that half the homes sell for more than that amount, and the other half sell for less.
If you adjust your criteria, you may be able to buy a house in a beach town, but property on the beach for $1 million is out of reach. Even in places far from Hawaiian paradise — like the Jersey Shore — beachfront homes are selling for the millions. A modest 1,225-square-foot beachfront cottage in Stone Harbor, New Jersey, which will recently be demolished, has sold for $10 million.
So where can you go to get beach vibes on your budget?
MarketWatch's Where Should I Retire tool came up with several suggestions for places in Florida and North Carolina where you can live in a beach town, if not right on the water. One suggestion was Fernandina Beach, Florida, which we've written about before. Other top suggestions are below.
Vero Beach, Florida
The median sale price of homes in Vero Beach was $392,000 in December, according to Realtor.com, which has the same parent company as MarketWatch. The selection of homes in Vero Beach is vast, ranging from a $60 million beachfront mansion to more modest boarding houses that sell for a few hundred thousand.
However, Vero Beach offers you a city with 26 miles of beaches along the Atlantic Ocean. In 2023, Southern Living magazine ranked Vero Beach as the seventh best small beach town in Florida for its “pristine beaches, saltwater lagoons and protected wildlife refuges.”
Vero Beach also offers a downtown area with galleries, shops and restaurants, along with opera, ballet and theater, as well as the Macy Botanical Gardens. The city has become popular in recent years for snowbirds, and has the fourth-largest concentration of wealthy families in the United States, according to Vero Beach Real Estate.
Nags Head, North Carolina
The median sales price for a home in Nags Head, North Carolina, was $875,000 in December 2023, according to Realtor.com. Your million-dollar budget could get you on or near the beach in Nags Head, depending on your taste in homes and your appetite for storm-related risks.
Nags Head is part of the Outer Banks, a 200-mile stretch of barrier islands off the coast of North Carolina and southern Virginia. With that comes the downsides of tourist season and hurricanes, but also the upside of beach life. Nags Head is home to Jockey's Ridge State Park, which has the tallest natural sand dunes on the East Coast and boasts stunning ocean views.
Bodie Island Lighthouse is a landmark located in Nags Head on the Outer Banks of North Carolina.
Getty Images/iStockPhoto
The Outer Banks features five lighthouses, wild horses beached in Corolla, four weather seasons, and swimmable water temperatures due to the Gulf Stream. If you don't like Nags Head itself, you can explore other Outer Banks towns. Make sure you visit during all seasons so you can see if you might want to call the area home.
There are plenty of shops and restaurants, although some close in the off-season. About 37,000 people live year-round in Dare County, North Carolina, a number that swells dramatically during the tourist season.
Readers, where should our beach lovers retire?
Are you looking for ideas on the best place to retire? Email HelpMeRetire@marketwatch.com
