7 cheap beach towns you can actually afford to buy a summer home in

By Real EstateFOXBusiness

Housing a buyer's market this spring, summer?

Dolly Lenz Real Estate CEO Dolly Lenz and Dolly Lenz Real Estate Managing Director Jenny Lenz on the state of the housing market.

With Manhattan real estate reporting its longest losing streak in 30 years and many U.S. cities on the verge of a housing crash, it may be time to finally get that summer home you've always dreamed of.

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But with many coastal cities costing an arm and a leg for small sliver of property and notoriously reserved for the ultra-rich, a new study found that affordable beach towns do exist.

GoBankingRates crunched the numbers and found more than 20 beach towns that the average person can afford to buy a home in below the U.S. median home price of $279,000, making them among some of the cheapest places to live in the country.

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To determine the list of cheap beach towns, the personal finance website used Zilliow's median home listing price and rent prices combined with each area's average cost of living.

By far, Atlantic City, New Jersey had the lowest median list price for homes by far, along with the lowest median rent of $1,274. What's more, living costs were more than 16 percent the national average.

Daytona Beach, Florida also ranked high on the cheap list despite having a reputation for surrounding one of the best beaches in the U.S. It has the second-lowest median home prices and the lowest overall rents in the entire list.

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1. Atlantic City, New Jersey

The iconic Steel Pier on the Atlantic City Boardwalk. Atlantic City is known for its two mile long boardwalk, gambling casinos, great nightlife, beautiful beaches, and the Miss America Pageant

Median list price: $129,950

Median rent: $1,274

2. Daytona Beach, Florida

Daytona Beach Florida amusement park and hotels on the sandy Atlantic Ocean beachfront USA

Median list price: $159,900

Median rent: $1,201

3.  Fort Pierce, Florida

"Fort Pierce, Florida, USA - March 13, 2012: This is a view of the Fort Pierce City Marina sign in front of the city marina. The marina is filled this time of year with fishing and pleasure boats, many from the northern states and Canada. A pontoon s

Median list price: $210,000

Median rent: $1,260

4. Coos Bay, Oregon

This beautiful lighthouse was recently restored and handed over to several tribes in the area, including the Coos.

Median list price: $220,000

Median rent: $1,278

5. Cocoa, Florida

Cocoa Beach pier at Florida, Usa at sunset

Median list price: $190,000

Median rent: $1,322

6. South Daytona, Florida

Daytona Beach Florida amusement park and hotels on the sandy Atlantic Ocean beachfront USA

Median list price: $179,900

Median rent: $1,329

7. New London, Connecticut

New London is a seaport city and a port of entry on the northeast coast of the United States. It is located at the mouth of the Thames River

Median list price: $164,300

Median rent: $1,337