Issues & Challenges
- Long Island is the MOST expensive place to live in the US.1
- In 2014, the median sale price of a home in Huntington was $525,000 2. To be affordable – i.e., for the cost to be 30% of income – a family would have to earn $175,000 a year to afford this home.
- Two thirds of Huntington families earn under $150,000 a year, making the median-priced home unaffordable to them.3
- This is why Suffolk has one of New York State’s highest foreclosure rates.4
- Typical Suffolk County rents are: $1,395 for a one-bedroom unit and $1,718 for a two bedroom unit 5. In order to afford a two bedroom unit a family must earn $68,720 a year (using the standard that 30% of family income should be spent for housing costs.)
- Because Huntington rental apartments are scarce and therefore expensive, 54.1% of Huntington renters pay “unaffordable” rents that are more than 30% of their income.6
- A 2013 study concluded that “the shortage of affordable rental homes is already straining Long Island’s economy, and will make it much harder to compete for jobs in the years ahead.” 7
- A 2014 study found “a huge exodus of young people, especially from mostly white, higher-income Long Island neighborhoods [like much of Huntington],” due to the lack of affordable rental housing.8
4 The New York Times editorial, “Struggling in Suburbia,. July 7, 2012 and Realty Trac, December 2012.
5 U.S. Department of Housing and Urban Development 2015 Fair Market Rental for Suffolk County.
6 U. S. Census, American Fact Finder, Huntington, 2012.
7 Regional Plan Association, Long Island Community Foundation, Ford Foundation. “Long Island’s Rental Housing Crisis,” September, 2013.
8 Winzenberg, David. “Young, Restless and Getting Out of Here, Fast,” Long Island Business News, February, 2014.