While most beachfront properties come with a hefty price tag that few can afford, two New Jersey towns offer the same prime beach real estate at an affordable price. If you have your heart set on a beachfront property at a fraction of the typical beachfront price, look no further than the Jersey Shore. To find which New Jersey beach towns were the most and least affordable options in the state, we consulted Realtor.com’s recent national ranking. If you’re moving to the the Jersey Shore, or thinking about buying a beach house in the area, take a look at which towns made the list and which town you may want to avoid if you’re on a budget.
Atlantic City, NJ
With a median home price of $117,500 this infamous New Jersey beach town offers surprisingly inexpensive options right on the boardwalk. One reason for this is that home prices in Atlantic City haven’t quite recovered after the recession and 2012’s Hurricane Sandy. Both of these circumstances resulted in a number of short sales and foreclosures, which drove home prices way down. On the bright side, this has created an opportunity for a number of prospective buyers to scoop up summer homes at an affordable price—in fact; the waterfront has quite a few condos starting at $100,000. In addition to new housing developments, many casinos have plans to open up their doors this year as well. Hard Rock International announced plans to reopen the former Trump Taj Mahal casino by Memorial Day Weekend, which is a sure sign pointing to good things on the horizon for the city. While Atlantic City is known for its casinos, realtors in the area want you to know that it offers a lot more than lively slot machines. “People aren’t coming [to Atlantic City] for the gambling; they are coming for the beach,” real estate agent Deborah Gegeckas of Boardwalk Realty told Realtor.com. “You’ve got the boardwalk, amusement parks, shows and a hundred five-star restaurants.”
While Atlantic City is known for its casinos and bustling boardwalk shops, Keansburg offers a quiet, relaxing alternative with the same sparkling beaches. The median home price here is $125,000. While this beach town is also recovering from Hurricane Sandy, Realtor.com reports that last year a $65 million, mixed-use project broke ground on the waterfront. This complex will feature two stories of retail space along with a mix of market-rate and affordable apartments. This project will no doubt bring in new residents and help to boost the local economy.
Avalon, Cape May County, NJ
On the other end of the spectrum is Avalon, a borough in Cape May County on Seven Mile Island. This famous seashore resort community is one of the most affluent communities on the Jersey Shore and in the country. Realtor.com ranked it as the nation’s ninth most expensive beach towns and in 2007 Forbes listed Avalon as the 65th most expensive zip code in the U.S. The median home price here is quite the departure from the previous two beach towns, coming in at $1.46 million.