According to the United States Census Bureau, millennials, those born between the early 1980s and early 2000s, now make up the country’s largest living demographic. Their numbers, without a doubt, are bound to have an impact on the housing market. While this generation has been slow to enter the housing market, millennial home-buying trends in Long Island go to show they have set the wheels in motion.

The Story So Far

Until recently, most millennials had to deal with student loan debts, unemployment, high rentals, as well as limited to no credit histories. The number of 18 to 34-year-olds now married stands at 30%, down from 47% in 1983.

Incidentally, while there are reports of people leaving Long Island, it appears that millennials are making a beeline toward here. A report released by the Long Island Association suggests that the population of those between 20 to 34 years increased by 7.6% from 2010 to 2015. Some of the reasons that are drawing millennials toward the Long Island housing bubble include job opportunities, larger homes, and good education.

According to a survey surrounding “the next generation of Long Islanders” that was part of a Newsday project funded by a Rauch Foundation grant, more than 60% of the millennials who took part felt that Long Island has a bright future. Around 85% said they feel proud when telling others that they live in Long Island. The same report also suggests that the main reason for millennials moving out of Long Island is the cost of living.

Long Island Real Estate Trends

The housing market in Long Island was doing considerably well before the onset of the Covid-19 pandemic. Data released by the Multiple Listing Service of Long Island shows that home sales in Nassau and Suffolk counties accounted for around $15.8 billion in the previous year. Long Island’s median home price in January 2020 stood at $480,000, which was 6.4% higher than it was a year ago. Nassau County’s home prices seemed to peak, almost getting at par with home prices in Suffolk County.

The good news for prospective homebuyers in Long Island is that the region’s home prices have risen more slowly when compared to the national average. While the Covid-19 pandemic managed to create a cloud of uncertainty even in the real estate market, low-interest rates and the fact that a home is a tangible asset are factors that millennials need to consider.