What Does It Cost to Own a Home on Nantucket?

Like most homes, a Nantucket home costs money every month, including the months you aren’t on island. Property taxes and insurance are bills you can prepare for, while repairs, storm cleanup, and seasonal care are harder to pin down, but still belong in your budget.

The ongoing home costs will look different for a year-round home in Town versus a summer house in Sconset with a pool. But before making an offer, work with a William Raveis Nantucket expert to find out what the specific property you’re interested in might cost to run.

Nantucket taxes homes based on assessed value, which may differ from the purchase price. For fiscal year 2026, the residential tax rate is $3.12 per $1,000 of assessed value. At that rate, a home assessed at $3 million would have a base tax of $9,360, before any applicable exemption or surcharge. Rates and assessments can change.

Owners who use their Nantucket home as a year-round primary residence may qualify for the Town’s residential exemption. A seasonal owner generally won’t. The Town sends property tax bills quarterly.

Get quotes for the home you’re considering, especially if it’s near the water or has an older roof. Compare coverage and deductibles as well as premiums. Tell the insurer if the house will be unoccupied for part of the year.

Flood coverage needs its own quote. Standard homeowners insurance generally doesn’t cover flooding. Check the property’s flood zone and elevation, then ask what coverage is available and what your lender may require.

Electricity, heat, internet, water, and security monitoring may run all year, if you plan on living in the home full time or renting it for a majority of the year. Ask the seller for 12 months of bills to get an idea of how much these utilities may run. A summer bill won’t show what it costs to heat and protect the house through a Nantucket winter.

Confirm whether the property has Town water and sewer or a private well and septic system. Septic systems need inspections and pumping; the Town recommends an inspection every five years and pumping as advised. A well may need testing and equipment service. Pools and irrigation add to the monthly bills.

Wind, salt air, and storms can wear on roofs, shingles, trim, windows, decks, and fences. Look at the home’s age, condition, and repair history, then be sure to set aside money for unplanned work or repairs.

Grounds and lawn care is another recurring expense. Price out the services the property actually needs, whether that’s hedge trimming on a small Town lot or mowing, irrigation, and pool service on a larger lot.

A seasonal home may need winterization, periodic checks, storm preparation, and spring opening. If a pipe leaks in January or a storm damages the roof, someone local needs to catch it and coordinate repairs. Ask what a caretaker or property manager would charge to cover the months you’re off island.

If you’re financing the purchase, include the mortgage payment. If the property belongs to a homeowner's association, make sure you account for dues and any planned assessments.

Renting the home can offset some ownership costs, but calculate what you’ll keep after management, cleaning, guest turnover, repairs, and required fees. Our guide to renting out your Nantucket home covers the rental side in more detail.

For any home on your shortlist, ask for its tax record, insurance quotes, utility bills, and recent service invoices. Our William Raveis Nantucket team can help you gather those items before you decide to put in an offer.