The typical owner-occupied home in Water Mill is worth about $2,000,001, 4.7 times the New York median of $423,800 and 6.0 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 0.50% of their home's value, lower than the New York rate of 1.55%. The median household earns $186,875 a year, so the median home costs 10.7 times the median income (4.9 times for New York). 94% of occupied homes here are lived in by their owners, and 41% of those owners still have a mortgage.
Water Mill at a glance
| Water Mill | New York | U.S. | |
|---|---|---|---|
| Median home value | $2,000,001 | $423,800 | $332,700 |
| Median property tax paid per year | $10,001 | $6,582 | $3,119 |
| Property tax as a share of value | 0.50% | 1.55% | 0.94% |
| Median household income | $186,875 | $85,974 | $80,734 |
| Homes lived in by their owners | 94% | 54% | 65% |
| Owner homes with a mortgage | 41% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $4,001 | $2,555 | $1,963 |
| Those costs as a share of the owners' income | 25.3% | 22.5% | 21.0% |
| Median rent | $3,200 | $1,621 | $1,413 |
| Rent as a share of renters' income | 34.2% | 31.2% | 30.6% |
| Median year homes were built | 1995 | 1959 | 1980 |
| Vacant homes | 50.1% | 10.0% | 10.1% |
| Population | 2,764 | 19,852,366 | 334,922,499 |
What a typical home costs per month in Water Mill
At this week's average 30-year rate of 7.11%, buying the median Water Mill home of $2,000,001 with 20% down costs about $12,430 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $16,083, 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 $532,713 for the 20%-down payment. That payment is 80% of the median Water Mill household income of $186,875; at that income and 20% down, the 28% guideline points to a home of about $702,000.
The median rent here is $3,200 a month, so owning the median home costs about $9,230 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $400,000 |
|---|---|
| Loan amount | $1,600,001 |
| Principal and interest | $10,763 |
| Property taxes (0.50% a year) | $833 |
| Homeowners insurance (our estimate, 0.5% a year) | $833 |
| PMI | $0 |
| Total per month | $12,430 |
Change the numbers in the calculator
| Down payment | $70,000 |
|---|---|
| Loan amount | $1,963,776 |
| Principal and interest | $13,210 |
| Property taxes (0.50% a year) | $833 |
| Homeowners insurance (our estimate, 0.5% a year) | $833 |
| FHA mortgage insurance | $1,206 |
| Total per month | $16,083 |
Change the numbers in the calculator
Questions about home buying in Water Mill
What is the median home value in Water Mill?
About $2,000,001 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Water Mill?
Homeowners pay a median $10,001 a year, which is about 0.50% 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 Water Mill?
For the median home with 20% down at 7.11%, the payment is about $12,430 a month. Keeping that under 28% of gross income takes about $532,713 a year.
More about Water Mill
- Mortgage Refinance in Water Mill
- Debt Relief in Water Mill
- Home Equity Loans in Water Mill
- 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