Thursday, January 26, 2006

Housing costs are major burden for Long Islanders

Poll: Housing costs are major burden for Long Islanders

A majority of Long Island residents say they have trouble making monthly rent or mortgage payments and may move to an area with lower housing costs and property taxes, according to a new poll.

The Rauch Foundation poll said 56 percent of those surveyed said they were likely to move in the next five years in 2005, up from 45 percent in 2004. Fifty-four percent of Long Islanders reported difficulty making monthly rent or mortgage payments in 2005, up from 47 percent in 2004, the poll found.

Some 1,215 Long Island residents were interviewed by telephone between June 7 and August 1 for the poll, part of the foundation's Long Island Index reports on public policy issues. The survey, released Thursday, had a margin of error of plus or minus 2.8 percentage points.

The full text of the Long Island Index report can be found here:

Long Island Index 2005 - PDF

Caveat Emptor!
Grim

15 Comments:

Blogger Metroplexual said...

The New York times did a similar piece a couple of years ago discussing how young people were fleeing LI because of housing costs.

The article went on to discuss that the younger brighter folks were the population that they were losing. Thus, threatening the vitality of businesses located there.

For those against affordable housing, be careful what you wish for it can kill the local economy.

1/26/2006 02:39:00 PM  
Blogger chaoticchild said...

This comment has been removed by a blog administrator.

1/26/2006 03:20:00 PM  
Blogger chaoticchild said...

similar issue.

My co-worker relocated from Denver to NNJ last year. He has a new 4 bdr colonial in a big lot. He is renting in Piscataway now.

The RE market in Denver crushed last year. He can't sell his house in Denver. He was tryiing to get a condo in NNJ. But he still has a mortgage in Denver. That didn't work out.

He is moving back to Denver. Because he can't sell his house.

He will hear more about it in the next few years.......ppl are tied to their house, can't sell or move!!!!

1/26/2006 03:21:00 PM  
Blogger RentinginNJ said...

Also in this report:

70% of 18-34 year olds say they are likely to leave Long Island in the next 5 years. (i.e. can't afford it)

64% of baby boomers (preretirement)are likely to leave Long Island in the next 5 years. (i.e. won't be able to afford it/ cash out the housing lottery ticket)

1/26/2006 03:23:00 PM  
Anonymous Anonymous said...

Hey, leave Long Island alone. Please keep your cynical focus on NNJ. Thanks

1/26/2006 04:24:00 PM  
Blogger Richard said...

long island is out of control. it's a train wreck waiting to happen. they got luxury townhouses in huntington starting at $900k+, and they're selling! personally i don't get the whole LI thing. it's a peninsula, all flat and there's zero culture there. except for the proximity to NYC and the beaches you got nothing.

LI as most of the northeast will stagnate and decline when the RE market turns south. look for an exogenous event that no one saw coming to start the real landslide.

1/26/2006 04:45:00 PM  
Blogger grim said...

My interest in Long Island is only in it's value as a proxy for Northern NJ.

grim

1/26/2006 04:54:00 PM  
Blogger grim said...

New Home Sales numbers out at 10:00am tomorrow morning (Friday).

grim

1/26/2006 11:16:00 PM  
Anonymous Epson inkjet cartridges said...

Great Blog!

It's not only Long Island!

Looks like the San Diego real estate market has done a 180 turn and is now on the verge of a multi-year decline!

http://www.downtown-san-diego-real-estate.com/san-diego-real-estate-article.htm

1/27/2006 01:04:00 AM  
Anonymous Anonymous said...

Richard said,

"I don't get the whole LI thing. it's a peninsula, all flat and there's zero culture there."

I don't mean to be picky but it is an island. NJ is a peninsula as it is attached it one point to the mainland and is surrounded on 3 sides by water.

I agree with everything else.

Pete

1/27/2006 08:35:00 AM  
Anonymous gary said...

Hey, leave Long Island alone. Please keep your cynical focus on NNJ. Thanks

LOL! What a scream! Hey, if your comfortable paying 750K for a POS with 12K in property taxes, who am I to judge.

1/27/2006 08:38:00 AM  
Blogger Richard said...

Pete you're or course right but i like to include the bridges as a 'connection' to the mainland.

1/27/2006 11:27:00 AM  
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