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New Report Fall 2026 Housing Affordability Report: every state is less affordable than in late August as average 30-year mortgage rates passed 7%. Read the report

Shelter Island, NY Housing Affordability Index

Shelter Island, New York has an MBR Housing Affordability Index score of 76.3 (Moderately Less Affordable) as of October 30, 2026, ranking 809th most affordable of 922 scored New York cities, compared with 80.2 statewide and 97.4 nationally. On a median-priced $1,025,400 home with 20% down, the New York average 30-year fixed rate of 7.27% means a monthly principal and interest payment of about $5,607, or 41% of the city’s $165,734 median household income.

The MBR Housing Affordability Index (MBR-HAI) for Shelter Island is updated every night from live New York mortgage rates and U.S. Census Bureau income, home value and housing cost data for the city. A score of 100 equals the national average; higher scores mean homeownership is more affordable.

Shelter Island MBR-HAI 76.3 Moderately Less Affordable
Rank in New York 809 of 922 1 = most affordable
New York 80.2 Statewide score
National 97.4 100 = baseline
Avg 30-yr rate 7.27% New York lenders
Median home value $1,025,400 U.S. Census Bureau

Shelter Island is 3.8 points below the New York score. Scores as of October 30, 2026. See the New York index

View Shelter Island Mortgage Rates

See What You Can Afford in Shelter Island, New York

Use this Shelter Island, New York home affordability calculator to see how much house you can afford at today’s New York average 30-year mortgage rate of 7.27%. A household earning the Shelter Island median income of $165,734, with no other debts and $205,000 down, can afford a home of about $696,888, compared with a median home value of $1,025,400. Buying the median priced home with 20% down takes a household income of about $272,100 once property tax and insurance are counted.

Shelter Island median (Census)
Car, student loan, card minimums
Under 20% adds PMI
New York average, 30-year fixed
Shelter Island median bill (Census)
Estimate; use your quote
You can afford a home up to
$696,888
Below the Shelter Island median home value of $1,025,400
Loan amount$491,888
Principal & interest$3,362/mo
Property tax$215/mo
Home insurance$290/mo
PMI$0/mo
Total monthly payment$3,867/mo
Compare Shelter Island Mortgage Rates

How much house can you afford in Shelter Island?

Most lenders use two limits. Your housing payment, including principal, interest, property tax, homeowners insurance and any PMI, should stay under about 28% of your gross monthly income, and all of your monthly debt payments together should stay under about 36%. The calculator takes whichever limit is lower, then works backward from that payment to the most expensive home it covers at the current rate.

In Shelter Island, property taxes run about 0.37% of a home’s value each year, based on the Census median tax bill, which counts against the same monthly budget as the mortgage. Each quarter point move in mortgage rates changes the price you can afford by roughly $10,850 for a median income household. A larger down payment, paying down other debts, or a lower rate from a local lender all raise your budget.

What It Takes to Buy in Shelter Island

$5,607/mo
Principal & Interest
Median home, 20% down, 7.27%
$240,300
Income Needed
To keep principal and interest at 28% of income
$165,734
Median Household Income
New York: $85,974
6.2x
Price-to-Income Ratio
New York: 4.9x
$2,592/mo
Median Owner Costs
Mortgage, taxes, insurance, utilities
$3,813/yr
Median Property Tax
0.37% of median value
33.1%
Owner Cost Burden
Owners spending 30%+ of income on housing
100.0%
Renter Cost Burden
Renters spending 30%+ of income on rent

Source: U.S. Census Bureau American Community Survey 5-Year Estimates (2024) for Shelter Island, New York. The rate is the New York average 30-year fixed rate from MonitorBankRates, since lenders publish rates by state.

Cite the Shelter Island Score

“MonitorBankRates (MBR) Housing Affordability Index, MonitorBankRates.com, October 30, 2026. Shelter Island, New York score: 76.3 (Moderately Less Affordable), ranked 809 of 922 New York cities. monitorbankrates.com/housing-affordability-index/new-york/shelter-island”