The typical owner-occupied home in Shelter Island is worth about $1,025,400, 2.4 times the New York median of $423,800 and 3.1 times the national median of $332,700. Owners pay a median $4,174 a year in property taxes, about 0.41% of their home's value, lower than the New York rate of 1.55%. The median household earns $165,734 a year, so the median home costs 6.2 times the median income (4.9 times for New York). 89% of occupied homes here are lived in by their owners, and 62% of those owners still have a mortgage.
Shelter Island at a glance
| Shelter Island | New York | U.S. | |
|---|---|---|---|
| Median home value | $1,025,400 | $423,800 | $332,700 |
| Median property tax paid per year | $4,174 | $6,582 | $3,119 |
| Property tax as a share of value | 0.41% | 1.55% | 0.94% |
| Median household income | $165,734 | $85,974 | $80,734 |
| Homes lived in by their owners | 89% | 54% | 65% |
| Owner homes with a mortgage | 62% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $2,904 | $2,555 | $1,963 |
| Those costs as a share of the owners' income | 21.5% | 22.5% | 21.0% |
| Median rent | – | $1,621 | $1,413 |
| Median year homes were built | 1974 | 1959 | 1980 |
| Vacant homes | 51.6% | 10.0% | 10.1% |
| Population | 2,125 | 19,852,366 | 334,922,499 |
What a typical home costs per month in Shelter Island
At this week's average 30-year rate of 7.11%, buying the median Shelter Island home of $1,025,400 with 20% down costs about $6,296 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $8,169, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $269,826 for the 20%-down payment. That payment is 46% of the median Shelter Island household income of $165,734; at that income and 20% down, the 28% guideline points to a home of about $630,000.
| Down payment | $205,080 |
|---|---|
| Loan amount | $820,320 |
| Principal and interest | $5,518 |
| Property taxes (0.41% a year) | $350 |
| Homeowners insurance (our estimate, 0.5% a year) | $427 |
| PMI | $0 |
| Total per month | $6,296 |
Change the numbers in the calculator
| Down payment | $35,889 |
|---|---|
| Loan amount | $1,006,827 |
| Principal and interest | $6,773 |
| Property taxes (0.41% a year) | $350 |
| Homeowners insurance (our estimate, 0.5% a year) | $427 |
| FHA mortgage insurance | $618 |
| Total per month | $8,169 |
Change the numbers in the calculator
Questions about home buying in Shelter Island
What is the median home value in Shelter Island?
About $1,025,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Shelter Island?
Homeowners pay a median $4,174 a year, which is about 0.41% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Shelter Island?
For the median home with 20% down at 7.11%, the payment is about $6,296 a month. Keeping that under 28% of gross income takes about $269,826 a year.
More about Shelter Island
- Mortgage Refinance in Shelter Island
- Debt Relief in Shelter Island
- Home Equity Loans in Shelter Island
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data