Nantucket is so expensive, an 'affordable' home now costs $1M

GOSSIP & RUMORS: Nantucket is so expensive, an ‘affordable’ home now costs $1M

Only on Nantucket.

On the celeb-studded summer isle where multimillion-dollar homes are the norm, the local housing authority is offering struggling year-round residents a shot at “affordable” living, via lottery — with a jaw-dropping price tag.

So dire is the Massachusetts island’s housing crisis, that $1 million is now being referred to as “attainable” — and that’s if you’re lucky enough to win the upcoming draw.

One of two homes up for the lottery worth $1 million. Housing Nantucke

Just two houses are up for grabs in the Sandpiper Development off Old South Road, near Nantucket Memorial Airport — the eye-watering six-figure sum is supposedly within reach for those with incomes at or below 240% of the Area Median Income (AMI).

Let’s put that into perspective: for a single person, the income cap hits $243,840, while for a four-person household, it’s a hefty $348,240.

If that’s you, don’t start dreaming just yet — prospective homeowners praying for a miracle will need to jump through hoops to qualify.

The island’s housing agency demands a pre-approval letter from a “reputable lender,” certifying your financial capability to splash out that $1 million. Oh, and there’s a cap on assets too — no more than half a million dollars allowed.

Forget about owning other Nantucket property, or building your wealth – that’s a no-go in this scenario.

The restrictions don’t end there, either. Residency and resale conditions further tie down potential buyers.

The second home. Housing Nantucke
Each home occupies over 1,700 square feet. Nantucket Current/X
The floor plan of one of the homes, made up of three bedrooms and 2.5 baths. Housing Nantucket
The second level. Housing Nantucke

But what does a million bucks get you on this hotly sought after island? A single-family home, boasting three bedrooms and 2.5 baths, sprawled across approximately 1,782 square feet.

It’s luxury living, Nantucket style — if you can foot the bill.

Interested parties have until May 6th to submit their applications to Housing Nantucket, with the lottery slated for May 8th on Zoom.

It’s a modern twist on the American dream — or perhaps, a Nantucket-sized reality check.

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