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.
For additional information, please click here.
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.
For more information, click here.
Lowering living expenses, looking for a different lifestyle, less house-related work and overall less responsibility can be achieved by downsizing, so a lot of retirees opt to rent. Baby boomers also account for the highest increase in renters in urban areas, but the spike in numbers of baby-boomer renters is much higher in the suburbs (2 percent vs 39 percent). The second highest increase comes from renters aged 35-54, 27 percent in the suburbs and 8 percent in the city.
For further details, please click here.