Does it have to be ocean front/coastal? Or would living on a big lake work?
I know Smith Mountain Lake in SW/Central VA is pretty nice. Its a pretty affordable place to live and has a small town feel....its becoming more of a retirement destination within the last 10 years...but still a lively place. There are all kinds of activities to do in the area and I think the bass fishing tour makes a stop (if you're into that sort of thing)...
SML is pretty big so it overlaps into different cities/towns so you would have to do research on which area suits you best. Its a pretty nice area and a pretty good bang for your buck when it comes to waterfront living.
Couple pics:
