A new special report ranking the best bargain beach towns for real estate investors for summer 2016 has been released by RealtyTrac.com and ranks Florence, Oregon No. 9 and Fort Bragg, California No. 11.
The list in the report was based on median home prices. Plus, average summer temperatures, air quality and density of registered criminal offenders.
For the report RealtyTrac.com analyzed more than 1,400 cities in coastal counties as defined by the U.S. Census Bureau.
The list was narrowed all the way down to the top ranking bargain ocean town in each of the 15 states with a city matching the final criteria for a bargain ocean town – see the full methodology below.
"Buying a second home or investment property in a beach town can help families save on summer vacations for years to come and also potentially generate vacation rental income,” Daren Blomquist, senior vice president at RealtyTrac, said in a release.
“While real estate close to the ocean tends to be pricier, bargains are still available particularly in smaller towns off the beaten path. This is where home prices have been slower to bounce back from the housing downturn. We picked the highest-ranked bargain ocean town from each state to provide a good sampling of the diverse ocean town experiences available across the country,” Blomquist said in the release.
Top 15 bargain beach towns
Only cities bordering the ocean with a population of 50,000 or fewer. Plus having an average June-to-August temperature between 60 and 80 degrees were included. The list was then narrowed down to the top 75 towns. This was based on a bargain index that factored in air quality, density of registered criminal offenders, median home prices relative to other similar cities and median home prices relative to the 2006 home price bubble.
The total index score was from 0 to 500, with 500 being the best possible index score. Average temperature data came from the National Oceanic and Atmospheric Administration. Air quality data came from the Environmental Protection Agency. Median home price data came from publicly recorded sales deed data collected by RealtyTrac. Registered Criminal Offender data came from data collected from state offender registry sites collected by RealtyTrac subsidiary Homefacts.