Is the American dream still alive?
Homeownership serves as the very fabric of our society and economy. Without it schools struggle to obtain funding, property values fall, and the overall standard of living in our communities decline.
In the 11 years since the Great Recession and the collapse of the housing market. The latest data and trends have shown that those eligible to be first time home buyers are moving away from homeownership.
So why is that? The answer lies in the combination of high residential real estate prices and the scarce supply of entry-level starter homes. This has led to the national percentage of owner-occupied homes to fall from 67% in 2010 to 64% in 2019.
Long Island, New York
Now let’s take a look at Long Island New York. Where the cost of housing is higher than the national average. With the combination of high demand and limited supply for those between the ages of 25-34 the dream of owning their first home is looking like it’s out of reach. So who if anyone is stepping up to the plate to address these dire market needs?
I am passionate about what I do because of where I came from. I want to make sure I provide an opportunity for my team, for the buyers and investors. If they succeed then I have done my job.