4 in 10

For a while now, we’ve speculated that the demise of traditional DB plans and the significant increase in student loan debt ($1.5T) would combine to adversely impact housing markets, as Seniors would not be able to remain in their homes, while those 18-30 would defer family unit creation and the purchase of their first homes. We believed that we could once again have a society with 3-4 generations living under one roof reminiscent of the late 1800s to early 1900s. The economic impact of that development could be startlingly negative.

Well, we just might be seeing this development materialize, and faster than we would have imagined. In an article published in Newsday, it was reported that Long Island’s housing costs are so high that four in 10 young adults live with relatives, and incredibly, seven in 10 say they’re likely to move to a less-expensive region within five years, a new survey shows.

Specifically, of Long Islanders 18 to 34 years old, 41 percent live with parents or other relatives, according to the survey to be released Wednesday by the Long Island Index, a project of the Rauch Foundation. These young adults are finding it difficult to find affordable housing and quality jobs that will permit them to stay in the region, and this is happening before the tax law changes take effect that will likely negatively impact long island’s real estate market.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s