Cost of Living in Water Mill

Water Mill, is a hamlet in the Town of Southampton on Long Island and is part of the luxurious Hamptons region. Known for its affluent residents and high-end real estate, the cost of living in Water Mill is significantly higher than the national average. Housing prices in Water Mill are among the highest in the nation, reflecting the area's exclusivity and desirability as a residential and vacation destination. As of my knowledge cutoff in 2023, the median home price in Water Mill can easily exceed several million dollars. For example, a 3-bedroom home in Water Mill could range from around $2 million to over $4 million, depending on the location, size, and amenities. A 4-bedroom home could see even higher prices, often ranging from $3 million to well over $5 million.

Apartment rentals in Water Mill are not as common as home rentals, given the area's preference for single-family homes. However, for those available, a luxury apartment or a home for rent could cost anywhere from $10,000 to $50,000 per month, depending on the size, location, and level of luxury. Apartment purchases, akin to condominiums or co-ops, are also on the higher end, with prices that can range from $1 million to several million dollars for a unit with multiple bedrooms and upscale amenities.

Dining out in Water Mill can be a costly affair, with many upscale restaurants offering fine dining experiences. A meal at a mid-range restaurant can cost around $50 to $100 per person, while a dinner at a high-end restaurant can easily exceed $100 per person, excluding drinks and gratuities. Utilities, including electricity, heating, cooling, water, and garbage, for a standard home can average between $400 and $600 per month, depending on usage and the size of the home.

Private school tuition in Water Mill is another significant expense for families. Preschools, often referred to as nursery schools or Montessori schools, can cost anywhere from $10,000 to $30,000 per year. Elementary and middle schools can have tuition that ranges from $20,000 to $40,000 per year, while private high schools can cost between $25,000 and $50,000 per year, depending on the institution's prestige and offerings.