Total monthly cost of ownership
Cost to Own a Home in Nantucket, Massachusetts
A $1,359,000 home here costs
$9,370per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $401,500 a year.
A standard mortgage calculator would have told you $7,409. The real number is $1,961 higher every month, 26% more than the payment most buyers budget for.
Compare Nantucket County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Nantucket against Nantucket County and Massachusetts
| Measure | Nantucket | Nantucket County |
|---|---|---|
| Median home value | $1,359,200 | $1,387,000 |
| Median property tax | $2,829 | $2,985 |
| Effective tax rate | 0.208% | 0.215% |
| Median gross rent | $2,484 | $2,070 |
| Population | 10,837 | 14,299 |
The weather behind that power bill
Nantucket sits in Nantucket County, which averages a high of 75.7°F in its hottest month and a low of 26.6°F in its coldest, with 40.86" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 343 cooling and 5,536 heating degree days, which is what sets the $174 electricity line above.
See the full climate breakdown for Nantucket County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Nantucket County
No other places of this size are published in Nantucket County.
Full Nantucket County cost breakdown · Every county in Massachusetts
Talk to someone who works this market
These are Nantucket averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Nantucket every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Nantucket I already own here and may sell
Common questions
How much does it cost to own a home in Nantucket?
A $1,359,000 home in Nantucket, Massachusetts costs approximately $9,370 per month with 20% down at 7.24%. That is $7,409 principal and interest, $236 property tax, $351 homeowners insurance, $242 utilities and $1,133 set aside for maintenance.
What is the property tax rate in Nantucket?
Nantucket has an effective property tax rate of 0.208%, based on a median home value of $1,359,200 and median real estate taxes of $2,829. That is in line with the Nantucket County average of 0.215%.
What is the average home price in Nantucket?
The median owner-occupied home value in Nantucket, Massachusetts is $1,359,200, against $1,387,000 across Nantucket County.
Is it cheaper to rent or buy in Nantucket?
Median gross rent in Nantucket is $2,484 a month, against $9,370 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Nantucket?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Nantucket, Massachusetts at today's rate takes a household income of roughly $401,500 a year. That covers the full $9,370 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Nantucket, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Massachusetts.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.