Housing & Real Estate Statistics
Long Island, New York has one of the most dynamic real estate markets in the nation. Median home prices are consistently among the highest outside New York City, while rents continue to climb alongside limited inventory and rising construction costs. This page presents the most reliable statistics on housing, drawing from sources such as the U.S. Census Bureau, MLS market reports, and state housing data.
Long Island Housing Snapshot (2024–2025)
| Metric | Nassau County | Suffolk County | Long Island Overall |
|---|---|---|---|
| Median Home Price (2024) | $720,000 | $550,000 | ≈$635,000 |
| Median Rent (2BR, 2024) | $2,800 | $2,400 | ≈$2,600 |
| Home Price YoY Change | +3.2% | +4.1% | +3.6% |
| Housing Units (2023) | ≈470,000 | ≈560,000 | ≈1,030,000 |
| Homeownership Rate (ACS 2023) | 76% | 78% | 77% |
| Median Property Tax Bill (2023) | $14,900 | $10,700 | — |
Sources: U.S. Census Bureau (ACS 2023), OneKey MLS market reports (2024), NYS Comptroller tax data.
Ten-Year Trend (2014–2024)
Over the past decade, Long Island’s housing market has seen steady appreciation in both Nassau and Suffolk counties. Median prices rose more than 45% since 2014, with demand surging during the COVID-19 pandemic years. Rents followed a similar pattern, increasing nearly 35% over the same period. New housing construction has lagged population growth, contributing to persistent affordability challenges.
Methodology
- Data Sources: OneKey MLS (monthly home sales reports), U.S. Census Bureau American Community Survey (ACS), NYS Comptroller (property tax data), HUD Fair Market Rents.
- Time Frames: Median home prices are from 2024 MLS reports; rents and household data use 2023 ACS estimates.
- Calculation: Long Island figures are averages or weighted estimates from Nassau + Suffolk combined data.
- Limitations: Market prices fluctuate month to month; ACS rent and homeownership data are survey-based with margins of error.
Affordability Snapshot (2025)
| Metric | Nassau County | Suffolk County |
|---|---|---|
| Median Home Price (Aug 2025) | $849,000 | $685,000 |
| Assumptions (30-yr, 20% down, Rate) | DOWN=20%, RATE=6.75%, HOME INS=$150/mo, PMI=$0 (20% down) | |
| Est. Monthly Mortgage (P&I) | ≈ $4,405 | ≈ $3,554 |
| Est. Property Taxes (effective rate est.) | ≈ $1,415/mo (~2.0% of value) | ≈ $970/mo (~1.7% of value) |
| Est. Total Home Cost / Month | ≈ $5,970 | ≈ $4,675 |
| Median Household Income (ACS 2019–2023) | $143,408 | $128,329 |
| Owner Cost Burden (Est. % of Income) | ≈ 50% | ≈ 44% |
| Typical 2-BR Rent (HUD FMR 2025) | $2,586 | $2,586 |
| Renter Burden (Rent ÷ Income) | ≈ 22% | ≈ 24% |
| Price-to-Income Ratio | ≈ 5.9× | ≈ 5.3× |
Notes: P&I computed via standard amortization; taxes approximated using typical effective rates for each county; insurance illustrative. HUD’s Nassau–Suffolk FMR area uses one rent figure for both counties. Renter incomes differ from overall medians; burdens here are for directional comparison.
FAQ
Q: Why are home prices higher in Nassau than Suffolk?
A: Nassau is closer to New York City, with stronger commuter demand, higher incomes, and less available land.
This drives up home prices relative to Suffolk, which has more open space and a broader mix of housing types.
Q: How do Long Island property taxes compare nationally?
A: Both Nassau and Suffolk rank among the highest property tax bills in the U.S., with median bills
ranging from $10,000 to nearly $15,000 annually, compared to a national median under $3,500.
Q: What’s driving affordability concerns?
A: Stagnant housing construction, high land costs, zoning limits, and rising mortgage rates have combined
to keep prices elevated relative to income growth.
