Here’s What You Need To Earn To Buy A Home On Long Island

Median home prices in over 300 counties, including Nassau and Suffolk counties, are not affordable for average wage earners, according to a new report from ATTOM Data.

The report, which looked at home affordability for the first quarter of 2018, analyzed 446 counties and found that median home prices were not affordable for average wage earners in 304 counties, or in 68 percent of the counties.

In Nassau County, the median sales price for a home in the first quarter of 2018 was $490,000, according to ATTOM. Compared to a year ago, the median home price in Nassau County grew 7 percent, according to the report. Suffolk’s median sale price in the first quarter of 2018 was $365,000, which is also a 7 percent increase compared to a year ago, ATTOM reports.

According to the data, a household’s annual income to purchase a home (with 3 percent down and a 28 percent front-end debt-to-income ratio) is $145,531 in Nassau and $115,652 in Suffolk.

Nassau and Suffolk counties had a home affordability index of 133 and 118, respectively. This means homes in the first quarter of 2018 were more affordable— relative to their own historic affordability averages— for average wage earners. Nassau’s affordability index also increased 17 percent compared to the previous year while Suffolk’s affordability decreased by 7 percent.

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