This village has had a number of notable residents including musician Billy Joel, Academy and Tony Award-winning lyricist Alan Jay Lerner, media tycoon Rupert Murdoch, and political commentator Sean Hannity. Academy Award-winning composer John Barry was a Centre Island resident until his death in 2011. Banker Arthur Goodhart Altschul Sr. was a Centre Island resident who owned the Southerly estate. Centre Island is located along Long Island's North Shore in an area referred to as the Gold Coast.
According to the United States Census Bureau, the village has a total area of 1.1 square miles (2.8 km2), all of it land.
As of the census of 2000, there were 444 people, 174 households, and 128 families residing in the village. The population density was 397.2 people per square mile (153.1/km²). There were 209 housing units at an average density of 187.0 per square mile (72.0/km²). The racial makeup of the village was 96.62% White, 0.45% African American, 0.90% Asian, 0.45% from other races, and 1.58% from two or more races. Hispanic or Latino of any race were 3.15% of the population.
There were 174 households out of which 29.9% had children under the age of 18 living with them, 63.2% were married couples living together, 6.9% had a female householder with no husband present, and 25.9% were non-families. 19.5% of all households were made up of individuals and 6.3% had someone living alone who was 65 years of age or older. The average household size was 2.55 and the average family size was 2.93.
In the village, the population was spread out with 20.9% under the age of 18, 3.8% from 18 to 24, 27.7% from 25 to 44, 31.1% from 45 to 64, and 16.4% who were 65 years of age or older. The median age was 43 years. For every 100 females, there were 98.2 males. For every 100 females age 18 and over, there were 105.3 males.
The median income for a household in the village was $117,848, and the median income for a family was $115,972. Males had a median income of $100,000 versus $40,000 for females. The per capita income for the village was $96,674. About 6.0% of families and 12.6% of the population were below the poverty line, including 32.5% of those under age 18 and 5.9% of those age 65 or over.