Nantucket is one of the most popular vacation spots in the country. You will find gorgeous houses, beautiful beaches, and lots of people. It’s a pricey location.
Why is Nantucket so expensive when compared to other locations? Is there something that makes the price worth it, or is it just a result of supply and demand?
Why Is Nantucket So Expensive?
1. Remote Living
Nantucket is a remote island. To get there, you must charter a crowded ferry, take one of the few airlines offered to the island, or ride on a private plane. It’s an isolated place.
There’s an appeal to living or vacationing on an island where people must try hard to get there. You can spend time away from the rest of the world without fear of traffic or solicitors.
With demand for remote living comes high prices. Many people want to live on an island, and the prices reflect what interested parties would pay for a spot on Nantucket Island.
2. Waterfront Views
You get waterfront views from your home on Nantucket Island. Some homes are more in the center of the land formation, but others are right on the water. They have decks and boats.
People would kill to have a home or vacation place with a view of the ocean. These homes are expensive on the mainland – they are even more on Nantucket Island.
Salty air does so much good for the body. You can meditate by the ocean, swim in the water, and have lovely picnics. The prices reflect the gorgeous benefits of Nantucket ocean views.
3. Large Homes
There are some large homes on Nantucket. Although all homes on the island are expensive, the larger ones add a considerable uptick to the average cost of homes in the area.
There is a home selling for $56 million. It sits on 15,332 square feet of land and has ten bedrooms, seven bathrooms, and four half-bathrooms. It’s surrounded by conservation.
Houses like this rise far above the smaller two-bedroom, three-bathroom homes that go for $2 million. Many of the prices are on par with Los Angeles or New York.
You will find this anywhere where homes are expensive. There are still some reasonably priced options amongst the priciest selections. It takes a little effort to find them.
5. Supply And Demand
Supply and demand is the biggest reason for expense in an area. If there is high demand for a product and not enough to supply everyone interested, the price for something goes up.
Many wealthy people want homes or vacation places on Nantucket Island. There are a limited number of homes on the land, less than the number of people who want to own there.
As long as there is demand for a place to live on Nantucket Island, there will be expensive homes. Supply and demand run the economy in a capitalist society.
In the future, more land may open up for interested developers. If that happens and the demand goes down, the prices for Nantucket Island homes will fall.
6. Tight-Knit Community
There is a tight-knit community feel on Nantucket Island. Those that live there year-round know their neighbors and know the people who have vacation homes around them.
There are about 14,555 people who live on Nantucket Island year-round. In the summer months, that number rises to about 80,000 people. It’s a small community.
Whenever you have a small group of people, you tend to find more expensive prices. Fewer people can live in the area, unlike crowded neighborhoods and towns on the mainland.
7. Proximity To Popular Locations
Nantucket Island is close to many incredible locations. If you stay on the island, you get beaches, delicious restaurants, and incredible views of the natural world.
You are also close to other incredible Massachusetts locales. Martha’s Vineyard and Boston aren’t too far away. You can visit other delightful Eastern towns while you’re at it.
If you want, it’s not too far to trek to New York City for a show. If you stay on the island, you can catch incredible theater performances and a life of relaxation and peace.
Again, the value of where you live affects the price. With a low crime rate and proximity to incredible things to do, Nantucket Island is an expensive place to call home.
8. Multiple Beaches
There are tons of gorgeous beaches on Nantucket Island. Some have areas where dogs can swim, while others are ideal for surfers. There’s lots to choose from as an occupant here.
Proximity is everything. Nantucket Island is close to lots of fun cities, and it’s also right by incredible places to swim. It has everything you could want in a living area.
The ease of access to beaches impacts the price point for homes in the area. If you want something this nice, you must be ready to pay the price.
9. Vacation Hotspot
Everyone and their mother vacations on an island in the summer. Nantucket Island is one of the most popular destinations – so long as you can navigate to the location on a boat.
If a place is ideal for vacationers, prices will go up. Owners want to make the most they can from the people who visit during the warmer months.
Sellers know that many wealthy people invest in vacation homes on Nantucket Island. They price up gorgeous spots to make as much as possible from people who can afford the cost.
To learn more, you can also read our posts on why Oregon is so expensive, why Palo Alto is so expensive, and why Boulder is so expensive.
Nantucket is an excellent place to vacation and an exciting location to call home. It’s expensive to get a home due to waterfront views, remote living, and conservation.
If you want a home in Nantucket for life or vacations, you need to save a large sum of money. You’re sure to enjoy the beauty of spending time on the island.