Long Island is one of the most famous islands in the world. It’s the most populated island in the United States and ranks in the top 20 islands in the world in terms of population. Over half of New York City’s residents reside on Long Island, which stretches for 118 miles into the Atlantic Ocean and ends with Montauk in the town of East Hampton.
Long Island is famous for its bagels, beaches, and iced tea, but living on Long Island can be expensive. Continue reading to find out why Long Island is the best place to live in New York and whether or not it makes sense to buy in Long Island today.
A brief history of Long Island
Before contact with the Europeans in 1524, Long Island was home to at least 14 different Native American tribes who had their own territories and leaders. The Native Americans created a democratic government, and a common alliance between tribes was established. European settlers came to Long Island and began to purchase land from the Native Americans until they formed large settlements in the area and developed the land for housing.
Today, Long Island is home to Native American reservations where federally recognized tribes can live peacefully. Native American history can be found throughout Long Island, as many names of towns and hamlets on the island come from Native American roots.
Long Island’s economy
Long Island’s economy is diverse and constantly evolving. Some of the largest industrial parks are on Long Island, including the Hauppauge Industrial Park which is the largest park on the East Coast. Long Island is also a technology and science hub, and the technological research at schools like Stony Brook and the New York Institute of Technology is second to none.
Long Island real estate
Real estate values on Long Island have been historically higher than average compared to the rest of the country. However, now might be the time for real estate investors and first-time homebuyers to take action. Home prices on Long Island are expected to decline in 2023 due to higher mortgage rates and an increase in the supply of homes on the market.
What may have normally priced most first-time homebuyers out of the market is now an opportunity to get in on the Long Island housing market. Whether you’re a real estate investor, a new homeowner, or a young professional starting your career and need an easy commute into the city, now is the time to start looking at Long Island as your next home.
Should you consider living on Long Island?
There is so much to love about living on Long Island. Whether you choose to settle down in a lively town like Massapequa or go to the “end of the world” at Montauk, you’ll be happy that you chose Long Island to call home.
Are you looking to buy or sell in the Massapequa area? The Kim Holland Homes Team is the only real estate team you can trust in Massapequa. Contact Kim today and check out some additional resources with our blog for more information on buying a home on Long Island.
