riniko
LIF Toddler
Member since 3/06 486 total posts
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2008 Long Island Index Released Today (1/23)
The 2008 Long Island Index is being released today. .
Downloadable copies of the Long Island Index 2008 are available at www.longislandindex.org
The report presents an unbiased, nonpartisan view measuring the well being of the Long Island community. It also details an overall picture of how Long Island is faring as a region and where there are needs or gaps that should be addressed now to avoid future problems. By identifying emerging trends, the Index has created a tool that can be used by government, business and community leaders in their decision-making processes that will affect the quality of life for Long Island residents.
Long Island Index 2008 Highlights:
ECONOMY
Although Long Island's Gross Metropolitan Product continues to grow, the rate of growth has slowed in the past four years.
* When compared to the U.S. rate of growth, Long Island lags behind the country
* Presently, Long Island's greatest job growth is in lower paying fields
* The number of individuals going into business for themselves is growing more rapidly than employment as a whole
HOUSING PATTERNS
Long Island has followed a building pattern that has emphasized single-family detached homes.
* 83% of Long Island's housing is made up of single-family detached houses - a much higher rate than the tri-state suburban region's average of 62% .
* Long Island is issuing fewer building permits than the rest of the tri-state suburban region and the least number of multi-unit building permits
AFFORDABILITY
Long Island's housing cost burden is higher than other neighboring suburban regions.
* In 2000, 62% of houses sold were priced less than $250,000. By 2006, the number had dropped to 4%.
* 72% of homeowners surveyed said they would not have been able to purchase their home in today's market
* 78% said they would have to move off Long Island to purchase a home, given Long Island's high prices
LONG ISLAND'S BRAIN DRAIN
From 1990 to 2006, the number of 25 to 34 year olds declined on Long Island by 35%, compared to 8% nationwide and 23% for neighboring suburban regions.
* On Long Island, nearly half of all young people aged 25 to 34, are spending more than a third of their income on meeting their basic housing expenses
* 79% of Long Island residents surveyed worry about young people leaving the area because of the high cost of living
* 65% of young people surveyed said it was likely they would move off Long Island in the next five years
LOOKING FOR ALTERNATIVES
Long Islanders are interested in alternative housing options.
* One resident in three reported they would prefer a condo, townhouse, duplex or apartment instead of a single-family detached home
* A majority of empty-nesters (ages 50-64) and seniors (65 and older) would prefer to live in a neighborhood where homes are close together and local stores are within walking distance, than one where homes are spread out and require driving
DOWNTOWNS APPEAL TO YOUNG AND OLD
There is strong support to rethink how we build on Long Island.
* 38% of those surveyed said they could imagine themselves living in an apartment, condo or townhouse in a local downtown
* 50% can imagine an immediate family member choosing to live in a downtown residential dwelling
* 61% support building more homes or apartments closer together in some local downtown
* 49% support increasing height limits in some downtowns from two to four stories
* 63% support an increased number of rental apartments in some downtown areas, near train and bus service
* 62% support building new multi-level parking facilities in local downtowns
* 56% support state incentives to localities to encourage greater housing density
DOWNTOWNS - AN UNDERUTILIZED ASSET
Downtowns have the potential to address half our housing needs.
* Current estimates indicate that Long Island will need to provide approximately 7,000 to 8,000 new units per year in order to replace old residential structures, accommodate population growth and meet achievable goals to increase affordable housing options
* Long Island's existing downtowns could likely accommodate at least 100,000 additional housing units - half the total housing need over the next 25 years
The Long Island Index 2008 was developed and spearheaded by an Advisory Committee representing Long Island's diverse communities, businesses, labor and civic sector. The specific indicators were selected to reflect region-wide impact and interests. The Rauch Foundation provided funding for the project.
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