On Long Island single-family homes remain pricey and there are relatively few alternatives. Long Island has become more accepting in recent years of multi-family housing. Over in the rental market, the vacancy rate on Long Island was just 2.3 percent in the fourth quarter of 2018 compared to the rental vacancy rate across the U.S. was double that last year at 4.6 percent.
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As a result of limited starter-home inventory, millennials are renting longer. And fewer 25- to 34-year-olds are living with a spouse or partner, which suggests that milestones such as marriage that often precipitate buying a home are happening later in life.
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Analysis of the seven multifamily residential projects that created 716 units indicates an estimated 142 public school-age children (K-12) are linked to these residential projects, based on the total number units and associated bedroom counts (e.g, 1BR, 2BR and 3BRs). However, based on an interview with the superintendent of the Patchogue-Medford School District, there were far fewer children generated by these developments . Further, given excess classroom capacity, it is estimated the true annual cost per new public student is approximately one-sixth of the current average cost.
$6,614,297 (in estimated tax levies over ten years)
$3,464,000 (in estimated educational costs over the same ten year)
$3,150,297 (estimated net surplus revenues to the School District)
Other Key findings:
- $48.7 million in a total economic output by 2017
- From 2000 to 2017, these downtown businesses generated $156.6 million in total direct economic output, $43.5 million in indirect economic output, and $61.9 million in induced economic output – resulting in a total output of $262.1 million each year.
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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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