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September 24, 2014

Zillow: Waterfront Homes Valued at Double National Average

Oceanfront or lakefront single-family homes are worth more than double the median value of all U.S. homes, according to a study released Sept. 12 by the real estate website Zillow. The report found that in some communities, waterfront homes could be worth more than 10 times the median value of non-waterfront properties.

Zillow’s analysis showed the average single-family home valued at around $171,600, while the average waterfront house is worth approximately $370,900, demonstrating an average waterfront premium of 116.1 percent.

“The allure of ocean and lakefront living is powerful and undeniable, and millions of homeowners nationwide dream of one day owning a home on the water,” Zillow Chief Economist Dr. Stan Humphries, said in a news release. “But those dreams come at a price. Waterfront properties are both relatively scarce and highly coveted, and that high demand and limited supply leads to higher home prices. Additionally, added insurance, floods, environmental mitigation and infrastructure costs are often part of the tab when buying a waterfront home. Still, as long as buyers understand the added costs and potential headaches, waterfront living is likely to remain one of life's simple pleasures for many, many years to come.”

Among the cities examined, the biggest differences in waterfront vs. non-waterfront properties were found in Tampa, Florida; Honolulu; and Long Beach, California; with waterfront premiums of 733 percent, 334.5 percent and 321.6 percent, respectively.

Read Zillow’s full report on waterfront property values.

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