LA tops list of most overpriced cities, but LI tops it in this factor ... (New York: sales, real estate)

[I_Love_LI_but]

Most unaffordable housing!

From:
America's Most Overpriced Cities - Yahoo! Real Estate

Indeed, though the median home price in the Los Angeles metro area has dipped from $525,000 to $319,000 over the last two years, Angelinos still face one of the least affordable housing markets in the country. According to the NAHB/Wells Fargo's Housing Opportunity Index, only New York, Long Island, N.Y., and San Francisco are more expensive.

This is the factors they used to create this list:

We ranked these metros using four measures: average salary for workers with a bachelor's degree or higher, with data from PayScale.com; annual unemployment statistics from the Bureau of Labor Statistics; cost of living, according to Moody's Economy.com; and the Housing Opportunity Index from the National Association of Homebuilders and Wells Fargo, which measures the number of homes sold in a given area that would be affordable to a family earning the local median income, based on standard mortgage underwriting criteria.

So a family earning the local median income has a better chance of buying a home in today's most unaffordable city in America, Los Angeles, than they do on Long Island.

Unreal!

[alexei27]

Originally Posted by I_Love_LI_but

Most unaffordable housing!

From:
America's Most Overpriced Cities - Yahoo! Real Estate



This is the factors they used to create this list:



So a family earning the local median income has a better chance of buying a home in today's most unaffordable city in America, Los Angeles, than they do on Long Island.

Unreal!

Maybe so...but have you ever been to LA? I wouldn't trade my overpriced LI home for LA any day.

[I_Love_LI_but]

Originally Posted by alexei27

Maybe so...but have you ever been to LA? I wouldn't trade my overpriced LI home for LA any day.

Oh yeah! You've got a point there! I just find it surreal that LI is right up there in un-affordability with world class cities like New York and San Francisco!

[CleanCutHippie]

Its a topic talked about everyday among ppl from the Island not only on this board but at your job and with your friends. Long Island is ridiculously overpriced and overtaxed. Almost 1 out of every 2 ppl I talk to is planning to move. The powers that be have done nothing to stop the mass migration of native Long Islanders from fleeing. What could be done? I really don't know at this point. Perhaps put a cap on cops and teachers salaries one of these days?..lol Of course the solution won't be that easy.

[dman72]

Originally Posted by CleanCutHippie

Its a topic talked about everyday among ppl from the Island not only on this board but at your job and with your friends. Long Island is ridiculously overpriced and overtaxed. Almost 1 out of every 2 ppl I talk to is planning to move. The powers that be have done nothing to stop the mass migration of native Long Islanders from fleeing. What could be done? I really don't know at this point. Perhaps put a cap on cops and teachers salaries one of these days?..lol Of course the solution won't be that easy.

So if you cut your property tax bill by say, 25%, that's enough to stop most people from moving? Probably not. The expense of LI is about the total package...white collar jobs flying out the door, high taxes, ridiculously overpriced real estate, gas prices 20 cents more than the next state over, High NYS income tax, sales tax, etc, ad infinitum.

[zulu400]

Originally Posted by dman72

So if you cut your property tax bill by say, 25%, that's enough to stop most people from moving? Probably not. The expense of LI is about the total package...white collar jobs flying out the door, high taxes, ridiculously overpriced real estate, gas prices 20 cents more than the next state over, High NYS income tax, sales tax, etc, ad infinitum.

I agree. I think in general Long Island is a good place to live, and the exodus that we are witnessing is definitely because of things in general being unaffordable. Its not just employees, even employers complain about the way NY is sucking up their profits....

NY has to deal with this and make some drastic changes over the next few years to attract more people. You hear so many good things about New york.... but almost all of those opinions are from New Yorkers.... maybe we have such a big ego to deny the fact that New York is overrated !!
Also people might argue Long island is safe and have good school districts blah blah blah....

I think if you can spend this kind of money (taxes + premiums everywhere from gas to housing) that is taken from you at source.... I bet you can find good schools in other states or maybe afford to send kids to private schools. It almost seems like you make say 20-30k more per year in NY compared to the rest of the country but you are taxed more and the expenses are more etc etc.... and maybe whats left at the end of the month in the bank is the same, and in some cases maybe less !! You pay more to keep the area safe and get better education.... I love LI and I can see how people can get priced out of this place easily.... they will have no choice but to move.

[dman72]

Originally Posted by zulu400

I agree. I think in general Long Island is a good place to live, and the exodus that we are witnessing is definitely because of things in general being unaffordable. Its not just employees, even employers complain about the way NY is sucking up their profits....

NY has to deal with this and make some drastic changes over the next few years to attract more people. You hear so many good things about New york.... but almost all of those opinions are from New Yorkers.... maybe we have such a big ego to deny the fact that New York is overrated !!
Also people might argue Long island is safe and have good school districts blah blah blah....

I think if you can spend this kind of money (taxes + premiums everywhere from gas to housing) that is taken from you at source.... I bet you can find good schools in other states or maybe afford to send kids to private schools. It almost seems like you make say 20-30k more per year in NY compared to the rest of the country but you are taxed more and the expenses are more etc etc.... and maybe whats left at the end of the month in the bank is the same, and in some cases maybe less !! You pay more to keep the area safe and get better education.... I love LI and I can see how people can get priced out of this place easily.... they will have no choice but to move.

All of the online "cost of living" calculators basically will tell you that you'd take about a 20% pay cut to move somewhere else, but that your expenses will go down by 40%. I've looked in a few areas..Virginia, North Carolina, Texas, Pennsylvania...pretty much across the board, it's the same.

[ClarkStreetKid]

Try the official New York State Wage Comparison calculator and you may be surprised by how small a pay cut you may have to take.
New York State Department of Labor - Compare wages

[scottzilla]

Originally Posted by CleanCutHippie

Its a topic talked about everyday among ppl from the Island not only on this board but at your job and with your friends. Long Island is ridiculously overpriced and overtaxed. Almost 1 out of every 2 ppl I talk to is planning to move. The powers that be have done nothing to stop the mass migration of native Long Islanders from fleeing. What could be done? I really don't know at this point. Perhaps put a cap on cops and teachers salaries one of these days?..lol Of course the solution won't be that easy.

I think LI would be awesome if half of you left.

I've been hearing this since i'm a little kid; everyone is leaving, taxes are too high, nobody can afford to live here, etc. Despite the powers that be ignoring the "Mass migration" off of LI, we continue to increase our population, build more houses, shopping centers, schools and sit in traffic.

[anotherNYer]

Zulu hit the nail on the head. New Yorkers do have such over-inflated egos and think NY is the only place to live. I just moved off LI (lived there entire life-49 years), and never, ever thought I'd leave. BUT cost of living is just too high. AND believe it or not people in other parts of the country go to excellent colleges (one reason we moved to NC-for our kids to go to a great college at a reasonable cost) and surprise--they do well in life. People actually become doctors, lawyers,financial experts, teachers, you name it in other parts of the country--imagine that! AND people are actually happy, I know it seems hard to believe that you can live off LI, enjoy life, afford your home, pay reasonable taxes and get a good education. And no you do not have to go to private schools. I know it is hard to believe but the quality of education can compare to LI. LIers justify high taxes by singing the same old song over and over again--nothng beats our schools.
I am a teacher who relocated to Apex (next to Cary, NC) and truthfully the schools are good. My kids did very well on LI and are doing very well in NC, which is not to say it is all A's and no work. My kids are in honors high school courses and have to work for their grades. And kids here are polite. There is another way and it is certainly not paying over $1000.00 a month just to turn the key in your front door