🏡 The Real Cost of Owning a Home on Martha’s Vineyard: A Practical Guide for Second-Home Buyers
If you’re considering buying a home on Martha’s Vineyard, you’re probably already aware of the purchase price. What many buyers don’t anticipate are the ongoing costs that come after closing — particularly for second homes and part-time residents.
Understanding carrying costs up front will help you make a confident decision, budget intelligently, and avoid unpleasant surprises. This guide breaks down the most common expenses, how they work on the Island, and how many owners offset those costs without sacrificing enjoyment.
A Unique One-Time Cost Buyers Need to Know: The Land Bank Fee
Before we get into recurring expenses, there’s an important one-time cost specific to the Vineyard: the Martha’s Vineyard Land Bank fee.
What it is:
A 2% transfer tax paid by the buyer at closing.
Where it goes:
Directly to the Land Bank to support conservation, trails, open space, beaches, and ecological preservation across all six Island towns.
Is it ongoing?
No — it’s paid once, at closing. But buyers should factor it into their total purchase cost.
The Four Core Categories of Carrying Costs
Once you own the home, ongoing expenses typically fall into four major categories:
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Property taxes
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Insurance
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Utilities
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Maintenance
Plus, there are a few Vineyard-specific realities that mainland buyers don’t always expect.
Let’s break them down.
1. Property Taxes
Martha's Vineyard property taxes tend to surprise buyers — in a good way.
They are often among the lowest in the state, and many people are shocked at how low they are compared to what they pay on their current home off-Island.
For most second-home purchases, annual taxes commonly range between:
➡ ~$3,000 to $18,000 per year
depending on town, assessed value, and price point.
2. Homeowners Insurance
Insurance prices on Martha's Vineyard varies widely depending on:
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proximity to water
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elevation
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flood zone status
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systems and construction
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size and value of the home
For homes in the price ranges most second-home buyers shop in, policies frequently start around:
➡ ~$7,000 per year and increase from there
Part of the variability comes from the fact that the Island has:
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coastal exposure
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wind and storm considerations
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limited carrier options
Flood Insurance
Flood insurance is a separate conversation entirely.
In some cases it is cost-prohibitive, and in other cases not available, depending on elevation, location, and systems. Buyers shouldn’t assume it’s required — or even obtainable — until a risk assessment is done.
3. Utilities
Utility costs depend on how the home is used and how efficient the systems are. Year-round usage looks very different than seasonal usage.
Most older Island homes run higher than mainland expectations due to:
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electric heating and cooling loads
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less efficient HVAC systems
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insulation differences
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pool and spa equipment
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outdoor showers
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irrigation systems
A healthy planning estimate for most second-home owners is:
➡ ~$5,000+ per year
with larger homes, pools, and consistent summer use trending higher.
4. Maintenance & Coastal Wear
Maintenance is the category buyers underestimate the most — especially near the coast.
Typical line items include:
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landscaping & irrigation
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roofing & siding
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septic systems
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pool maintenance
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appliance replacement
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deck upkeep
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tree management
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general salt-air weathering
A realistic budgeting guideline is:
➡ ~2% of the home’s value per year
Some years will be light, and other years will include bigger exterior work. The key is simply planning for it.
Caretakers & Property Management
If you’re not here year-round, you’ll need someone keeping eyes on the home — especially during the winter months.
Caretaker arrangements range from basic check-ins to full property management with fees typically in the range of:
➡ ~$5,000–$20,000 annually
depending on the level of service and the complexity of the property.
Offsetting Costs Through Seasonal Rentals
One of the advantages of owning a second home on the Vineyard is the ability to rent it when you’re not using it — especially in July and August.
Weekly in-season rental rates commonly range from:
➡ ~$5,000 to $40,000 per week
depending on:
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size
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location
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amenities
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pool/spa presence
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walkability
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finishes and updates
Many owners rent for 2–8 weeks per year to meaningfully offset carrying costs while still preserving personal use of the home.
Is It Worth It? For Many Buyers, Absolutely.
Owning on Martha’s Vineyard is both feasible and enjoyable when expectations align with reality. Thousands of families do it successfully every year, and for many the lifestyle, family time, and long-term appreciation make it well worth the investment.
Considering a Purchase? Run the Numbers With a Local Expert
If you’re exploring options, comparing price points, or factoring in STR income potential, I’m happy to help you walk through it. Every buyer’s situation is different and a short conversation can save months of guesswork.
