Long Island Real Estate
Long Island is the sixth wealthiest area in the country. As the rest of the country struggles with unemployment and economic downturn, Long Island boasts one of the lowest unemployment rates in the nation and employment opportunities in many fields. The average household income for Long Island is almost $53,000. another advantage of the area is the first-rate schools, parks, museums, and beaches. Divided into four counties, Nassau, Suffolk, Queens, and Brooklyn/Kings, Long Island covers 125 miles and is home to seven and a half million people. There are 107 schools in the Nassau and Suffolk counties and upwards of 90,000 businesses.
Of those people, the home ownership rate is incredibly high. in Suffolk and Nassau County almost eighty percent of the population owns their home. Queens has an ownership rate of almost forty-three percent, while Brooklyn lags behind at twenty-seven percent. Long Island real estate is clearly some of the best in the country, both because of its proximity to New York City and because of its geographic location on an island. The average price for a home in 2008 was surprisingly good for the area at around five hundred thousand.
Unlike many other real estate situations, Long Island houses have the added possibility of the owners renting it out for short term vacationers or people attending events in New York City. according to the Internal Revenue Service, owners can derive tax-free income from renting a home or getaway, provided it is rented out for 15 days or fewer and they don’t claim any of the tax deductions typically allowed on rental property such as for depreciation or maintenance. Once the 15-day threshold is reached, a different set of tax laws comes in to play.
If you close on your new house before December 1, 2009, you may also be able to qualify for the first-time homebuyer tax credit of $8,000. A married couple earning less than $150,000 or a single person earning less than $75,000 both qualify for this tax credit. in addition, virtually any type of home qualifies as long as it is your primary residence. with all of the advantages and benefits to Long Island, finding either a long term or seasonal vacation home for the price you are looking for couldn’t be easier.