As New Yorkers, there is one thing we are all conscious of: we are among the most expensive cities in the world. It’s not a secret, and it is certainly not something we try to hide. We enjoy our luxurious city and its proximity to hundreds of great beaches and state parks. However, the ranking as the number one most expensive city in the world, according to the Economist Intelligence Unit’s Annual Worldwide Cost of Living Survey may have tagged other New York areas with negative residuals.
Long Island’s proximity to one of the most luxurious and desirable cities, mixed with its quiet and suburban culture is why we love our dear home so much. However, is NYC driving prices up for Long Island too?
In New York Cities, people pay an average of $6 for coffee, $19 for a cocktail, and $3.50 per mile in a taxi. Now, of course New Yorkers can be frugal and spend less if they know the right places to go, however, the bottom line is the city that never sleeps just simply can’t afford to.
Just a twenty-minute ride on the LIRR from the most expensive city, takes us to the richest county in New York State. Nassau County, according to Stacker, earns a median household income over 68% above New York State average, and is ranked the tenth-richest county in the United States.
For reference, the United States has 3,143 counties.
This comes with a median household income of $120,036. According to Zillow, the average home value in Nassau County is $710,430.
Our very own Suffolk County is ranked number three on Stacker’s list of richest counties in New York State with a median household income of $105,362 and average home value of $602,567.
Between the difficult job market, Long Island’s high taxes, and New York City’s insanely expensive cocktails, young people who grew up on Long Island or in the city are not willing to stay.
Now, this isn’t a debate about how hard younger generations are willing to work, though that generalization does seem to rear its ugly head when this topic is discussed. The fact that our elders worked hard to create beautiful lives here on the Island is just that, a fact.
Rita Tsoukaris, a Long Island Real Estate Agent based in Centereach estimated “roughly 71% of young adults residing in Long Island want to leave in the next five years,” in a report entitled Why People are Moving Out of Long Island. She attributes this to a lack of prospective jobs and low-income rates.
According to the National Low-Income Housing Coalition’s 2021 Out of Reach report, “The minimum hourly wage necessary to afford a two-bedroom apartment in the Nassau-Suffolk HUD Metro Fair Market Rents Area is $39.13.” This translates to roughly $81,000 a year, just to simply rent an apartment.
It is not only young adults who are looking to escape the expensive housing market, according to Tsoukaris. “Retirement-ready baby boomers accounted for more than half (58%) of people moving out last year [2021].” She explains how states like Florida, North Carolina and Texas have become more desirable due to the cheaper market and larger houses for less money.
While there are places in New York where families can live comfortably on an average salary, there is no sugarcoating the fact that the statement, “I live on Long Island” is automatically associated with expensive lifestyles and high taxes.
We enjoy a great quality of life, plenty of events and activities, some of the best food and nightlife in the country and yet, we cannot blame our current residents for looking elsewhere while NYC and Long Island are branded as some of the most expensive places to live in their respective areas.
