I live in South Miami(Cutler Ridge, to be more exact). Cost of living is high, but with the whole sub-prime lending fall-out, I found a very nice house for rent at a pretty good price. Yes, I rent down here because cost of new homes is outrageous and I do not use loans. My wife and I, however, own 3 acres of land in northern Phillippines and I own a condo in Buffalo, NY where cost of living is dirt-cheap. I currently rent it out to a newly-wed friend of mine. I own both of my vehicles, and the only debt I have is the credit card I use from time to time, but in reality, I need the credit card because I travel a lot and the hotels often mandate it. Oh well.
But yea, I never understood the fascination of living next to water and the beach, when the majority who live near the beach don't even go to it.