Staten Island has the highest proportion of single-family homes among the five boroughs of New York City, so it's important to consider ownership costs from a slightly different perspective than other boroughs. Recent market trends show that as home prices rise, inquiries about insurance premiums are also increasing.

Staten Island falls under New York City's Class 1 tax category, with an effective tax rate of about 1.19%, which is applied uniformly across the city. However, there is a 6% cap on the annual increase in assessed value, so even during periods of rapid price appreciation, the pace of tax increases remains moderate.

According to various sources, the median home price in Staten Island is around $745,000 to $755,000 as of early 2026, and for single-family homes, it is slightly higher at around $785,000. Based on a median value of $750,000, the annual property tax is estimated to be about $8,900.

Insurance premiums are a key consideration in Staten Island, as it is the borough that requires the most attention in this area. Following Hurricane Sandy in 2012, coastal areas suffered significant damage, so properties in low-lying or coastal areas often require separate flood insurance, and total insurance costs can rise to between $2,000 and $2,500 per year. Inland properties can be relatively lower, around $1,500.

Maintenance costs are estimated to be around 1.5% of the home value, resulting in annual expenses of about $11,000 to $11,300. Areas like South Shore, which have a higher proportion of new constructions, tend to have lower maintenance costs, while older homes in North Shore may require a bit more budget for maintenance.

To summarize the total annual ownership costs:

• Property Tax: Approximately $8,900
• Home Insurance: Approximately $1,500 to $2,500
• Maintenance Costs: Approximately $11,000 to $11,300

In total, this results in an annual cost of about $21,400 to $22,700, with the most significant variability coming from insurance premiums, which is a unique characteristic of Staten Island. When viewing properties, it is advisable to check whether they are designated as being in a flood zone.

The New York City STAR exemption and Class 1 assessment cap system also apply here. If you are in an area with high flood insurance costs, it may be worth considering improvements to the roof or electrical wiring to receive discounts from insurance companies.