City Report · NY

Water Mill

Pop. 2,764·1st most expensive in New York·Rents have been falling, good time to negotiate

Median rent (all units)

$61,667/mo

Year-over-Year

Stable

Month-over-Month

-29.3%

vs US Median

+$59,735

Reported rents

Falling (Monthly)

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Most AffordableMost Expensive

Water Mill · $61,667

More expensive than 100% of US cities · National median $1,932/mo

Affordability

396% of income

EXPENSIVE

0%30% benchmark60%+

At $61,667/mo, rent takes about 396% of the local median household income, well above the 30% benchmark.

Income to afford

$2,467,000/yr

Local median income

$186,875/yr

Based on the 30%-of-income rule using Water Mill's median rent and household income. See the full affordability breakdown →

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

What a typical income covers

30% of the median household income ($186,875) is $4,672 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($4,500).

From Zillow's monthly rent index (ZORI) for Water Mill. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$740,004/yr

At $61,667/mo median

Rent Market Meter

Strong Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are down 0.0% year-over-year. Push hard on price, concessions, and lease terms.

Based on rent-price momentum (+0.0% YoY, -29.3% MoM), not inventory.

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Demographics

Who lives here

Water Mill, NY is majority owner-occupied, has a large retiree population, has a median income above the national average, 73% of residents hold a bachelor's degree or higher.

Population

2,764

Median income

$186,875

Median age

54.9

Renters

6.3%

Age distribution

12.2%

18.8%

19.2%

27.2%

22.6%

Under 1812.2%

18–3418.8%

35–5419.2%

55–6427.2%

65+22.6%

Gender

48.2%

51.8%

Male48.2%

Female51.8%

Race & ethnicity

89.4%

White89.4%

Hispanic8.3%

Asian1.5%

Other0.5%

Education (25+)

13.6%

73%

No HS diploma2.3%

HS diploma13.6%

Some college11.1%

Bachelor's+73%

Housing tenure

93.8%

Owner93.8%

Renter6.3%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Water Mill, NY has changed in 5 years

Income

$162,396 → $186,875

up 15.1%

Population

2,113 → 2,764

up 30.8%

Renter share

8.5% → 6.3%

-2.2 pts

Bachelor's+

74.4% → 73%

-1.4 pts

Median age

50.9 → 54.9

+4.0 yrs

Census figures show median household income at $186,875 today, compared with $162,396 five years earlier. Census counts show Water Mill, NY adding about 651 residents over the five-year window, up 30.8% on net. The renter share has eased from 8.5% to 6.3%, with owner-occupied housing accounting for the remainder.

Community

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View Water Mill rent history (2015–2026) →

By apartment size

Water Mill rent by bedroom count

Median rent for each apartment size in Water Mill. Click any size for full breakdown.

Local insights

Tips for renters in Water Mill

About renting in Water Mill, NY

Last updated: October 17, 2026

The median rent in Water Mill is $61,667/mo as of October 2026.

At 396% of local median household income ($186,875/yr), Water Mill ranks as expensive compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in Water Mill?

To keep rent at or below 30% of gross income, you would need to earn at least $2,467,000/year (about $1186/hour full-time) to afford the median rent of $61,667/mo in Water Mill. The local median household income is $186,875/yr, so the typical household falls short of that bar.