Cost of Living in East Hampton

East Hampton, is known for its picturesque landscapes, beautiful beaches, and as a popular summer destination for affluent visitors and residents. The cost of living in East Hampton is significantly higher than the national average, reflecting its status as a luxury enclave on Long Island's South Fork. Housing costs are a major factor in the high cost of living, with prices for homes varying greatly depending on proximity to the water, size, and amenities.

As of my knowledge cutoff in early 2023, the median home price in East Hampton for a 3-bedroom home can range from $1 million to well over $2 million, depending on the location and property features. A 4-bedroom home often starts at around $1.5 million and can go up to several million dollars for prime locations with extensive amenities. Apartment rentals are also costly, with a 1-bedroom apartment typically renting for between $3,000 to $5,000 per month, while larger apartments can command much higher prices, especially during the peak summer season.

Apartment purchases reflect the high-end market, with prices for a modest 1-bedroom starting at around $500,000 and escalating quickly for larger units or those with desirable features such as ocean views or access to community amenities like pools or tennis courts. Dining out in East Hampton can also be an expensive affair, with casual dining restaurants averaging $20 to $30 per person for a meal, and upscale dining experiences can easily cost $100 per person or more, excluding drinks and gratuities.

Utilities in East Hampton, including electricity, heating, cooling, water, and garbage services, can average around $400 to $600 per month, depending on the size of the home and usage. However, during the summer months, when air conditioning usage is higher, utility costs can spike significantly.

Private school tuition varies widely, but East Hampton's prestigious private institutions command high fees. Preschool tuition can range from $10,000 to $20,000 per year. Elementary and middle school tuition can range from $25,000 to $40,000 per year, while high school tuition can be even higher, sometimes exceeding $50,000 per year. These costs reflect the quality of education and facilities provided by these private schools, as well as the affluent demographic they serve.