Situated amidst lush landscapes and breathtaking beaches on New York Island, the Hamptons is synonymous with luxury, exclusivity, and prestige. The scenery is pristinely gorgeous, the homes grand, and the communities affluent and peaceful. But if you are considering buying a home in the Hamptons, you need to worry about more than the environment. Life in the Hamptons can be expensive, especially if you move without a plan. Here is a breakdown of the cost of living in this affluent haven.
Housing
If you are moving somewhere, the first cost you encounter is housing. The Hamptons luxury real estate market is competitive and highly-priced. According to a report by Town & Country Market, the median home sale price in the town is $1,780,000 – nearly 5 times the national average. Prices in the Hamptons have increased steadily in the past several years and contribute significantly to the high cost of living. Condos sell for a median price of $774,000; a single-family home may set you back $1,542,000.
Food and Dining
The culinary scene in the Hamptons is to die for, so you will want to budget for some takeout or restaurant meals. The famous lobster roll will cost you between $30 and $50 and is worth every penny. Generally, you can expect higher-than-average prices at restaurants, especially high-end venues with exotic cuisines. Shopping-wise, the average family spends between $426 and $449 a week on groceries.
Utilities
Utilities in the Hamptons are also costlier than in similar cities. Still, residents will argue that the luxury amenities that come hand in hand with the high bills improve the quality of life. On average, a family of four may spend $429.33 a month on heating, water, electricity, and other standard utilities. The average utility bill in Suffolk County is nearly half that, at $217.
Transportation
You can move across the Hamptons on foot, by car, or by train. If you wish to commute to New York City, the four-hour train ride will cost you $23, but you can speed things up with a 40-minute helicopter ride at $800. Within town, however, it helps to have a car. The weekly gas cost for the average commuter is $350, but the exact amount will depend on your travel frequency and destinations.
Salary and Taxes
The upside of a high cost of living is a higher-than-average average salary. The average salary in the Hamptons is $73,122, which is well above the national average, and most households bring in $200,000 or more. In Southampton, a key Hamptons neighborhood, the average salary is $128,283.86. Taxes in the area may vary, but generally, the income tax rate is 6.5 percent, and the property tax is 8.63 percent.
Move to the Hamptons with the Help of Christopher Covert
The cost of living in the Hamptons is high, and Hamptons luxury real estate comes at a premium. But if you can afford it, the extra dollars are well worth the effort because life in the Hamptons is as good as it gets. The communities are safe, the landscapes lush, the amenities ultra-modern, and the homes grand and stunning. Contact Associate Broker Christopher Covert today to learn more.
