Cost of Living in Nantucket, MA

With a cost of living index of 224, Nantucket, MA is one of the most expensive cities in the United States. Living here is 124% more expensive than the national average and 95% above the Massachusetts state average of 129. Nantucket is a smaller community of 10,837 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Nantucket's cost of living. The median monthly rent is $2,484 (88% above the US median of $1,319), and the median home value sits at $1,359,200 (346% above the national median of $304,900). At current prices, the median home costs roughly 12.4x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Nantucket is $109,988, which is 46% higher than the national median of $75,149. Residents spend roughly 27% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability. While incomes are above average, they do not fully offset the higher cost of living.

Climate is another factor for anyone considering a move to Nantucket. The area sees an average annual temperature of 50.7°F, with summers averaging 67°F and winters around 35°F. Annual rainfall totals 40.9 inches spread over roughly 141 days.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.