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NEW YORK (MONEY Magazine) -
North Carolina's Outer Banks is a 100-mile string of barrier islands extending from the Virginia border southward to the resort town of Okracoke.
Primarily a summer resort -- with the usual array of minigolf, kite shops and charter boats -- the area also offers great beach weather in May (average high temp: 76F) and September (81F).
A lot of homes sit 50 feet or less from the high-tide line, making it possible to literally roll out of bed and onto the beach. Of course, proximity to the water has its downside: Every time a violent hurricane or nor'easter chugs up or down the eastern seaboard, many homeowners don't know whether their houses will be standing come morning. (Flood insurance is a must.)
Click here for a gallery of affordable beach homes
Indeed, Mike and Linda Powers of ReMax Ocean Realty had a dozen properties in the $215,000 to $540,000 range to show in late April. In most cases, homes one lot back from the beach cost more than those directly on it.
"Fear of beach erosion," Mike explains.
Still, if you understand the risks -- some of them inherent to owning a beach house anywhere -- the Outer Banks can offer terrific properties for under $500,000.
The best we saw: a three-bedroom, two-bathroom house in Kitty Hawk listed for $439,000, its beachside decks offering unobstructed views of the Atlantic.
The Forgotten Coast, Florida
Need a vacation? Click here for MONEY's Best Places to Vacation.
If you DO have a million to spend, here's a look at what you can get.
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