Recent research shows that residents on Long Island are looking to drive less. However, the limited effectiveness of the public transit system proves trying for many travelers, with reasons ranging from limited access to inflated prices. For these and other reasons, transportation has begun to turn to an affordable, on-demand service option, adding an alternative to public transportation while simultaneously streamlining it.
In recent years, an increasing number of high-earning millennials have vacated the Empire State for opportunities in other corners of the nation. The loss of residents under the age of 35, with a salary upwards of $100,000 per year, seems to be common for our region when examining U.S. population data from the past several years. A wider range of housing choices is needed to retain and attract talent and to ensure the future of our workforce and region remains promising.
The growing number of rental complexes provides more options for Long Island apartment-hunters. Communities such as Patchogue, Farmingdale and Mineola are flourishing in part because of new downtown rental buildings. There is a significant increase in the stock of rentals and a strong demand for high-end rentals—primarily from baby boomers who are selling their homes. This has led to a faster-than-expected pace of lease signings.
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An increasing number of residents are choosing rental housing specifically because it offers a more-flexible lifestyle than homeownership. In today’s economy, you can rent almost anything you need, including music, movies, clothes and cars. Having all of these options available suggests that people’s view of ownership are shifting. It’s natural that this trend extends to homes, giving people more choice over where and how they live.
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