Young Long Islanders face steeper home prices with lower wages

New York /
Aug.August 27, 2018 01:57 PM

It’s much harder for young Long Island adults to strike out on their own than it was for their parents, Newsday reported. Wages have dropped by 22 percent while home prices have climbed 150 percent, according to a study from the Long Island Association. In 2016, Long Islanders between 25 and 34 earned an average of $40,000 a year. In 1970, numbers adjusted for inflation show the median salary was $51,458. At that same time, the median home price was under $180,000, but that’s since leaped up to $450,000 in 2017. Those numbers have kept Long Islanders at home with their parents, with only about 36.5 percent of them either renting or buying their own home. That’s down from 86 percent in 1970. “We need to make sure that we are not putting any roadblocks in the way of millennials who are trying to get their own place,” said Kevin Law of the Long Island Association. [Newsday]


Related Articles

arrow_forward_ios
Floor & Decor CEO Thomas Taylor and 4 Henry St in Commack (Floor & Decor and Google Maps)
Floor & Decor moving into site of shuttered Target in Commack
Floor & Decor moving into site of shuttered Target in Commack
Sciame Construction CEO Frank Sciame and the Gold Coast Mansion
Frank Sciame buys massive Gold Coast mansion. Now what?
Frank Sciame buys massive Gold Coast mansion. Now what?
The estate in Cove Neck with Tatum O’Neal and John McEnroe (The Pesce & Lanzillotta Team, Getty)
Former Gold Coast estate of John McEnroe, Tatum O’Neal hits market
Former Gold Coast estate of John McEnroe, Tatum O’Neal hits market
104 Edgemere Street in Montauk
Little houses draw big interest in mansion-heavy Hamptons market
Little houses draw big interest in mansion-heavy Hamptons market
(iStock)
Locals: Put housing, not warehouses, on landfill site
Locals: Put housing, not warehouses, on landfill site
1 Swan Landing
5 Gatsby-esque homes fit for the Roaring 2020s
5 Gatsby-esque homes fit for the Roaring 2020s
Bidding wars occurred in 35 percent of North Fork home sales. (iStock)
Bidding wars drive Long Island home prices to new highs
Bidding wars drive Long Island home prices to new highs
The land that time forgot: A North Fork real estate saga
The land that time forgot: A North Fork real estate saga
The land that time forgot: A North Fork real estate saga
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...