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Long Island Real Estate is Changing

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The Ronkonkoma Hub could create a reverse commute from New York City image: tritec They’ve been called the selfie generation, entitled and lazy. But Millennials are now the largest generation and, after a decade of moving away from New York’s metro Long Island region , they are beginning to stick around. The number of people aged 20 to 34 living on Long Island rose 7 .6 percent from 2010 to 2015 according to a report released by Long Island Association in June. Despite the stereotypes, experts see the increase as reason for optimism. “It’s vitally important, particularly for businesses that make their home here,” said Robert Loscalzo, the chief operating officer of Tritec Real Estate Company, which specializes in the type of mixed-use housing this generation favors. “You need a vibrant workforce and from the standpoint of job creation it’s vital that companies have a source of labor.” But a home doesn’t necessarily mean a house, especially for Millennials. Nationwide, 34.1 percent of...

NYC Rents Rising Twice As Fast As Wages, Except for Wealthiest, Study Finds - East Harlem - New York

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Manhattan skyline view from the roof deck of a Park Slope building ." /> Manhattan skyline view from the roof deck of a Park Slope building . View Full Caption Corcoran Group MANHATTAN— Yes, New York City is way less affordable now than seven years ago. Case in point: An apartment going for $2,000 a month for rent in 2010 would now get $2,657 a month, a report published Wednesday from real estate search engine StreetEasy reveals. Compounding the city’s affordability crisis: rents in the city rose twice as fast as wages, according to the analysis, which compared the StreetEasy Rent Index with wage data from the city’s Department of Labor. While median rents increased 3 .9 percent a year since 2010, wages increased by 1.8 percent over the same period. Those working in the city’s lowest wage jobs were hit hardest. Low- wage earners — those in the bottom 20 percent of the workforce, which represent a little more than 800,000 of the roughly 4.1 million employed New Yorkers ...