T
he allure of Long Island's real estate market is undeniable, with median list prices increasing by 10.4% to $849,000 and median sold prices rising by 10.1% to $716,000. However, this boom may not be shared by everyone struggling to afford a home or living comfortably.

    As the economy slows, people are pulling back on discretionary spending, opting for backyard barbecues over dining out. The purchasing of cars has also slowed due to tariffs and higher prices in the used car market. Despite stable job growth opportunities, finding workers is becoming increasingly challenging due to Long Island's high cost of living and lack of affordable housing.

    The influx of people leaving New York City during the pandemic has contributed to Long Island's housing price surge. However, this trend may reverse as the president's travel ban restricts foreign nationals from certain countries. The lifeblood of our economy, fueled by immigrants and travelers, may be negatively impacted by this policy change.

    Long Island's housing market is attracting high-income individuals who can afford to live here, but losing socio-economically challenged employees and workers who are essential for filling available positions. A recent study found that 49% of migrations were outbound, with 1 in 5 moving to Florida.

    The assessment of risks on Long Island through 2050 reveals an increase in hotter, drier days leading to more wildfires, storm and flood risks, and reduced portable water due to pollution and saltwater intrusion. At some point, prices will decrease when buyer demand drops substantially enough to become a tipping point for affordability.

    As Baby Boomers pass on, many younger generations may not be able to afford homes due to high student loan and credit card debt. It's essential for those with assets to protect themselves financially from estate taxes by having the necessary documents in place, including a last will and testament, living will, living trust, health care proxy, and power of attorney.

    It's crucial to review and update these documents regularly, especially if family situations have changed. A free 15-minute consultation or home value analysis is available for those seeking guidance on Long Island real estate matters.