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This is to clear up perception of the income for Long Islanders. The LI Multiple Listing Service states the median household income as $72,030 for Nassau and and $65,288 for Suffolk. Newsday states the average wage for Long Islanders is $49,010.
Zounds! If true, coupled with the data from below, that puts the salary : mortgage to somewhere around 50,000 : 385,000 Wowser, 7.5x salary. That's waaay past the safe zone.
Quote:
The Multiple Listing Service of Long Island, which also covers Queens, said the median price of homes changing hands in Nassau and Suffolk in August was $385,000 LI median home price ticks up in midsummer
With a 20% down payment its still a crushing 50,000 : 308,000 or 6x salary. Add in oppressive property tax, sky high COL, and lack of employment opportunities and its no wonder this island is suffering all the symptoms of stagnation with droves of younger educated adults and working class leaving. If that 50,000 is correct, its not even representing an entry level salary. That's the avg. income of approx. half of all adults on LI. That's frightening and sobering. If true, then the safest max that half of all adults on LI can afford (with a standard 20% down) is around 250,000 -and that's the max which would still need to take into account very high taxes and COL. LI is in trouble.
This is to clear up perception of the income for Long Islanders. The LI Multiple Listing Service states the median household income as $72,030 for Nassau and and $65,288 for Suffolk. Newsday states the average wage for Long Islanders is $49,010.
Newsday states the average wage for Long Islanders is $49,010.
Did they say how they arrived at this "average"?? Statistics can be massaged in so many ways that it can suit almost everyone without being meaningful...
Did they say how they arrived at this "average"?? Statistics can be massaged in so many ways that it can suit almost everyone without being meaningful...
Quoted for truth!
I've just been looking around and I see that the LI Index has some updated stats for 2008/2009. Long Island Index: 2009 Report & Key Findings
I truly don't know how accurate a report it is, nor if the data is any more reliable than using a crystal ball. I will say, though, that over the years their record of 'predictions', trends, and consequences has been fairly accurate in hindsight. Good news & bad news can all be found in it. And sure, data can be manipulated by anyone to prove/disprove nearly any agenda. What gives me pause for concern is one fear of theirs about LI entering a period of stagnation.
Though I really don't understand your other post concerning reported wage stats and renters...? Is there a connection?
Edit:
Quote:
Originally Posted by Elke Mariotti
Of course this also includes part timers, minimum wage earners, and most importantly: lots and lots of renters!!!
[SIZE=2]I get the part about part timers, not a good way to arrive at a solid wage stat. avg. But minimum wage earners should absolutely be included imo.
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One key factor that is being missed, what is being reported by the LI MLS is based off the 2000 census, so that data is nine years old. The census bureau only releases the official updates every ten years with the census, but they do have yearly estimates, which are generally fairly accurate.
The latest estimates from the census bureau had Nassau's median income at $89,872 in 2007 and Suffolk with a median income of $83,447 in 2007 as well. The census bureau released the 2008 nationwide numbers showing a decline in median income of 3.6% between 2007 and 2008 $52,163 to $50,303. The county level numbers for 2008 haven't been released yet, but if a decline did occur on Long Island, it is likely lower than the nationwide decline as the larger declines happened in the south (4.9%) and midwest (4%)
Smash55 is correct in stating the more current statistics for median income show $89,872 for Nassau and $83,447 for Suffolk but these numbers are much lower than the perception that some people had in other discussions. People were assuming it was around $130,000.
I do believe that even these more recent numbers show that the real estate correction has a ways to go if prices will eventually come back in line with historical trends. City-data shows Nassau's median home price has dropped from $630,000 to about $460,00 but even at this price, it is still 5.5 times the median family income. Historically, it has been closer to three times a family's income.
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