By By Cynthia Ramos
As many young Long Island natives move out of the area, President Stuart Rabinowitz has called on local universities, businesses and government officials to create a partnership to attract college students and graduates to remain in the suburbs.
The 2005 Long Island Index Report released by the Rauch Foundation in Garden City found 70 percent of those in the 18 to 34 age group consider leaving, and 20 percent left the region in the 1990s, which was five times the national rate.
As a result, Long Island’s population is aging faster than the rest of the nation. According to the report, 56 percent of Long Island’s population was over 35 in 2003, 5 percent more than the national rate.
One reason for the aging of the population is the steady decrease of the availability of affordable housing in the area. In a survey conducted by the foundation, 56 percent said that an increase in affordable middle class and starter housing would prompt young adults to remain in the area.
According to the Fannie Mae foundation, a home is considered affordable if the purchase price is over 2.5 times greater than the buyer’s annual income.
The ratio between home price and income in 2003 for Nassau County was 4.5 and 4 in Suffolk County, according to the report.
With the cost of living on Long Island increasing, the second generation is leaving for greener grass in states where housing is affordable.
Roslynda John, a business major and 25-year native of Long Island, said she bought her house in Mastic Beach at twice its worth.
“I could have moved to Georgia or North Carolina, living in a gorgeous house,” John said.
Nicholas Loper, a 23-year native and marketing major, agreed.
“Florida has housing that’s beautiful, easy to maintain and cheap,” Loper said. “Compared to here, houses could go for a million or more.”
A median house in Nassau County is priced at $500,000 and $400,000 in Suffolk, according to the Long Island Board of Realtors’ recent monthly market report.
Apartments are an alternative, less expensive form of housing, as many young adults choose to live with roommates. As a result, apartment availability is decreasing.
While the bubble of high prices stopped growing, many houses are left unsold.
In Long Island and Queens, there are currently over 20,000 empty houses.
“Already there are reports that sellers had to cut the price,” Irwin Kellner, a professor at the University and chief economist for North Fork Bank, said. “The houses are staying on the market for a longer period of time.”
Kellner added that the decrease in property value “is already underway.”
However, not fast enough to keep the “brains from leaving,” Diana Smagler, a University business professor, said.
“Recent college graduates are estimated to earn $30,000 to $40,000 a year,” Smagler said. “But it’s not enough to stay, so people will leave to other areas they can afford.”
As a result of these statistics, University President Stuart Rabinowitz has recently initiated a plan to entice recent graduates, those from out-of-state as well as natives, to remain on Long Island.
“We need a new initiative, and that includes a partnership between government, private industries and all the colleges and universities on Long Island,” Rabinowitz said at October’s “Building Long Island’s 21st Century Economy” lecture.
Despite the high mortgages and rent, many choose to stay.
Forty five percent of young adults are rooming together, most with relatives, jumping 31 percent since last year.
“Everything is convenient here,” John said. “You have beaches, malls, farms and restaurants.”