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i was just here at 100 garden city plaza in mineola yesterday. everything is so expensive here. a 5 minute cabride is $9. that same ride is $6 here in brooklyn. food was expensive. a lawyer quoted me $350 per hour when a comparable one charges $250 to $300 in nyc (manhattan). and then i asked a lot of people about rent. rent is also very high for a non-walkable "town."
what makes this place so $$?? there's really nothing to do there, no train lines outside of LIRR, bus service is random, and you must own a car.
Law of supply and demand. People will pay extra for housing in a "good" neighborhood, which jacks up prices everywhere else b/c of overhead. Long Island has cheap groceries, no city income tax and in many places cheap water. Everything else seems a little more pricey.
However if you are looking in a comparable area in the city to LI I bet the prices would quickly reverse. You can't compare Little Neck to Mastic, and you can't compare Jamaica to Muttontown.
1. High taxes to support the 108+ school district employees, police officers and other government workers that have hefty salaries (and pensions that go on even long after they retire). This cost is passed onto renters since the landlord is responsible for these crazy taxes.
2. As for high home prices, this is largely a supply&demand thing:
- The shortage of land for suburban property close to NYC jacks up the demand.
- Also, most families with money want the best school systems for their children, which is why a home in a great school district could go for ~$900k (while the same home in a mediocre school district would be ~$400k). This jacks up the prices in "good districts".
- Since salaries are generally much higher in the NYC area, the prices can be jacked up to a much higher caliber.
Example: The following homes are in the same part of Nassau, have the same amt of bedrooms/bathrooms, were built in the same year and are of the same style; the only major difference between them is the school district: House in high-performing school district (Jericho SD):http://www.estately.com/listings/info/52-hedgerow-ln House in low-performing school district (Westbury SD):http://www.estately.com/listings/info/873-pepperidge-rd (^^ Both of their immediate neighborhoods are actually neat, well-kept and almost identical to each other)
Last edited by MemoryMaker; 07-10-2014 at 07:01 PM..
Proximity to NYC as everyone's said, but ask the same about Westchester county. And they don't have the beaches and to a lesser degree the food. Why are people there instead? I always see them as an even more boring suburbia but more modern(?) and cleaner.
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