U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Long Island
 [Register]
Please register to participate in our discussions with 1.5 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Jump to a detailed profile or search
site with Google Custom Search

Search Forums  (Advanced)
Business Search - 14 Million verified businesses
Search for:  near: 
Reply Start New Thread
 
Old 09-20-2009, 07:36 AM
 
Location: Manhattan
276 posts, read 540,434 times
Reputation: 47
Default Long Islander's income

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.
Reply With Quote Quick reply to this message

 
Old 09-20-2009, 08:07 AM
 
Location: Island of long
3,542 posts, read 5,825,393 times
Reputation: 1100
interesting. Now lets see how much further the housing market will slide.
Reply With Quote Quick reply to this message
 
Old 09-20-2009, 09:58 AM
BCW
 
84 posts, read 166,680 times
Reputation: 25
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.
Reply With Quote Quick reply to this message
 
Old 09-20-2009, 11:02 AM
 
7,658 posts, read 10,754,840 times
Reputation: 1219
Quote:
Originally Posted by fyrisle View Post
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.
Thats just reported income.

Crooks
Reply With Quote Quick reply to this message
 
Old 09-20-2009, 11:12 AM
 
Location: Huntington, NY
7,641 posts, read 10,408,377 times
Reputation: 3418
Of course this also includes part timers, minimum wage earners, and most importantly: lots and lots of renters!!!
Reply With Quote Quick reply to this message
 
Old 09-20-2009, 11:14 AM
 
Location: Huntington, NY
7,641 posts, read 10,408,377 times
Reputation: 3418
Quote:
Originally Posted by fyrisle View Post
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...
Reply With Quote Quick reply to this message
 
Old 09-20-2009, 12:24 PM
BCW
 
84 posts, read 166,680 times
Reputation: 25
Quote:
Originally Posted by Elke Mariotti View Post
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 View Post
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.
[/SIZE]
Reply With Quote Quick reply to this message
 
Old 09-21-2009, 12:16 AM
 
Location: Long Island (chief in S Farmingdale)
14,071 posts, read 7,452,480 times
Reputation: 2474
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%)
Reply With Quote Quick reply to this message
 
Old 09-21-2009, 05:39 PM
 
Location: Nassau, Long Island, NY
15,763 posts, read 16,377,957 times
Reputation: 6404
Quote:
Originally Posted by Elke Mariotti View Post
Of course this also includes part timers, minimum wage earners, and most importantly: lots and lots of renters!!!
Do you think there's more renters than homeowners on Long Island?
Reply With Quote Quick reply to this message
 
Old 09-21-2009, 07:39 PM
 
Location: Manhattan
276 posts, read 540,434 times
Reputation: 47
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.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $84,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Long Island
Similar Threads
View detailed profiles of:

All times are GMT -6. The time now is 01:05 AM.

2005-2014, Advameg, Inc.

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25 - Top