Long Island's Housing Affordability Among Worst In Nation: Report

The housing markets in both Nassau and Suffolk counties had one of the nation’s steepest inclines in relative housing affordability over the last year, according to Nationwide Economics’ recently released housing report.

Long Island ranks No. 9 among the 50 largest U.S. markets where income doesn't keep up pace with the increasing cost of housing.

The majority of U.S. metro areas still have healthy housing markets except for Long Island and 17 other local housing markets across the country. These 18 areas have negative rankings due to “overheated price environments that are reducing housing affordability,” the report says.

The report’s largest areas with steepest declines in relative affordability are:

1. San Jose, CA
2. San Francisco, CA
3. Seattle, WA
4. Oakland, CA
5. Denver, CO
6. Los Angeles, CA
7. San Diego, CA
8. Portland, OR
9. Nassau / Suffolk County, NY
10. Sacramento, CA

If this growth continues, Nationwide says Long Island home buyers, especially first-time buyers, could be priced out of the market. “Over time, this places a strain on local housing markets and communities,” the report says.

The number of healthy housing markets across the nation is the lowest it’s been since 2004. On the plus side, the report says the low unemployment rate and solid payroll gains counteract the increasing housing demands.

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