Long Island politicians have for years lamented the fact that so much of the area’s young work force has migrated to Manhattan. But according to the New York Times, with the city’s real estate prices rising beyond the means of upper middle class families, many of them are traveling in reverse on the well-paved path and back to Long Island.
Ryan Donnelly, the president of Garden City-based real estate brokerage Donnelly Group, said that about 50 percent of the buyers he sees are people who grew up or have friends in the area, moved to Manhattan after college, stayed for about a decade, and are returning.
“Rents are so high in Manhattan they are being forced out,” he said. “With salary increases not keeping pace with rent hikes and interest rates so low, it makes sense.”
The Times cited several examples of couples, mostly in their mid-30s that returned from Manhattan to purchase homes for between $700,000 and $800,000 near where they grew up. The large properties with backyards, good school districts and familiarity with the neighborhood lured most of them. [NYT]