Study: Millennials on LI navigate low wages, skyrocketing housing market

<p>A study by the Long Island Association says millennials are not as well off as young people were on Long Island decades ago.</p>

News 12 Staff

Aug 23, 2018, 3:46 PM

Updated 2,106 days ago

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A study by the Long Island Association says millennials are not as well off as young people were on Long Island decades ago.
The study says home prices have skyrocketed. The median price for a home on Long Island in 2017 was around $450,000. Compare that to less than $180,000 back in 1970, taking inflation into account.
The high home prices are proving to be especially difficult for millennials to afford. The same study says Long Islanders, aged 25 to 34, are earning a median income of $40,000. Back in 1970, people who were the same age actually made more money – more than $50,000 after adjusting for inflation.
The study says fewer than fewer than 21 percent of Long Island's young adults owned their homes in 2016. In 1970, that number was 68 percent.
The study also found that more Long Island millennials are living with their parents these days – 44 percent. Only 10 percent of people in the same age range lived with their parents in 1970.
Gino Marino, 35, says purchasing a fixer-upper was the most affordable way to put down roots in his hometown. He told News 12 that the house he bought in Dix Hills had been abandoned for close to two years, has a leaky roof, broken pipes and needs to be completely renovated.
But for Marino, buying the house means staying close to family and friends, despite the hefty price tag.
“I can’t imagine being anywhere else,” he said.


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