The 10 cheapest places in the U.S. to buy a beach house.

Realtor.com has done the research and identified the most affordable homes located near water in U.S. cities. Whether you're buying your first home or investing in a rental property, it's important to consider where you can get the most value for your money.

To rank each city, Realtor.com compiled data on every home listed for sale within the last year within a one-mile radius of the beach, selecting the most affordable on''A square foot within one mile of the beach is $175.

"New London is a little diamond of affordability," said Keith Turner, a mortgage lender with Homestead Funding. - "Just look at the prices in some of the towns nearby. For example, Mystic, Connecticut, located just a 15-minute drive from New London, sells homes near the beach for more than three times the price per square foot, with median prices starting at $544,500 per home, as Realtor.com.

New London is a true seaport city that offers a classic New England atmosphere without being an overly popular tourist destination.