Cost of Living in Shelter Island

Shelter Island, is a small, affluent island town located at the eastern end of Long Island. It's known for its picturesque landscapes, quiet beaches, and a more laid-back lifestyle compared to the hustle of nearby New York City. The cost of living in Shelter Island is significantly higher than the national average, reflecting its desirability as a residential and vacation destination, as well as its proximity to the Hamptons.

Housing prices on Shelter Island vary greatly depending on location, size, and amenities. For 3-bedroom homes, prices can range from $700,000 to well over $2 million, while 4-bedroom homes can range from $1 million to upwards of $3 million or more, especially for waterfront properties or those with larger lots. Apartment rentals are less common on the island, but a small number of properties may be available, with monthly rents typically starting around $2,500 for a 1-bedroom unit and increasing from there based on size and location. Apartment purchases are also on the higher end, with prices depending on the size and luxury of the unit, but expect to pay at least $500,000 for a modest apartment.

When it comes to dining out, Shelter Island offers a range of restaurants from casual eateries to upscale dining experiences. A typical meal at a mid-range restaurant can cost between $15 and $30 per person, while a three-course meal at an upscale restaurant can easily exceed $50 per person, not including drinks, tax, or tip. Utilities on Shelter Island, including electricity, heating, cooling, water, and garbage services, can cost around $300 to $500 per month, depending on the size of the home and usage.

Private school tuition varies widely based on the institution and the level of education. For preschool, annual tuition can range from $10,000 to $20,000. Elementary and middle schools can cost between $20,000 and $35,000 per year, while private high schools can be even more expensive, with some exceeding $40,000 annually. These costs reflect the exclusivity and quality of education that these private institutions offer, often with smaller class sizes and additional resources.