On Long Island and throughout our nation, housing is a dynamic issue with new research emerging daily. This page will provide current insights and trends regarding homes, both rentals and for-sale, that will be compiled from a variety of reliable sources. We hope you find them interesting.
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:
- 537 new jobs by 2017
- $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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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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