Examining home values on Long Island
Charting Long Island’s home values is very eye-opening .
Here’s a look at home value data from 2008 to 2019, according to the Census:IPUMS USA, University of Minnesota, www.ipums.org.
The first takeaway: The percentage of homes valued below $450K grew from 2008 to 2014, but has since steadily declined. In 2019, 57% of homes on Long Island were valued at above $450K, compared to 43% in 2014.
And if we compared 2014 with 2019, this is what we end up with:IPUMS USA, University of Minnesota, www.ipums.org.
The second takeaway: This trend can pose a challenge to people looking to purchase their first home. Newsday’s reporting found that median home sales in July for Nassau County was $675,000 and $525,000 in Suffolk County.
While rising values may be good for homeowners, it runs the risk of leaving many others behind if income does not keep pace.
Additionally, this is only data up to 2019. 2020’s American Community Survey data has yet to be released, and the COVID-19 pandemic has impacted Long Island’s housing market significantly.
Census’ housing value is derived from the American Community Survey, not based on property tax records or assessments. Respondents are asked to value their home (house and lot) if it were for sale. The exact text is available here.