​The struggle is real for millennials when it comes to affordable housing on Long Island
By Amanda Mechell 

Oyinda Adebo may be pursuing her PhD in Applied Organizational Psychology at Hofstra University, but she also holds an unofficial degree in economics.

The 31-year-old rents a home in Westbury, New York, with four roommates who are all dependent on each other to make ends meet on Long Island—an area of the country where the pressure of the housing market has squeezed many wallets.

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“I'm not comfortable with about 80% of my salary going to housing,” Adebo said. “I really want to stick to 30% of my salary going to housing.”

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“When I did the math, it looked like I was going to be staying with my roommates and where I'm currently staying until I'm comfortable enough to move out.”

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Adebo, like many others on Long Island, has had to do some serious number crunching to find affordable housing. A combination of factors has increased housing costs nationwide, but Long Island, comprising Nassau and Suffolk counties, has been particularly hard-hit in recent years.​

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Originally from Nigeria, Adebo’s family immigrated to Fort Worth, Texas, when she was a child. She eventually moved north to continue her studies, but the realities of an expensive and shrinking housing market gripped her. According to the Elliman Real Estate report, about 3,200 homes on Long Island were listed for sale in the last quarter of 2024, reaching a record low. The report also states that the median home price on Long Island is $700,000.

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This has had a cascading effect. The average age of first-time homebuyers in 2024 rose to 38 – a notable shift from the 1980s, when the typical first-time buyer was 29, according to NBC News. As of 2023, millennials (born between 1981 and 1996) were the largest generational demographic in the United States, comprising 72.7 million people, according to Statista. 

 

 

 

 

 

 

 

 

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But whether it's buying or renting, affordable housing is even under the national spotlight.

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In Suffolk County, housing prices averaged $3,707 for monthly rent, while in Nassau County, $3,378, both are up 5% year over year in September 2024, according to News12.

 

President Donald Trump has said affordable housing is a nationwide issue, one that he promised to take on in his second term.

When reached via email for comment in November, White House press secretary Karoline Leavitt said: “The American people re-elected President Trump by a resounding margin, giving him a mandate to implement the promises he made on the campaign trail, like lowering housing costs for all Americans. He will deliver.”

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According to the NYC Department of Housing Preservation & Development, affordable Housing is defined as “affordable” when a household spends no more than one-third, or 33% of its income on rent and utilities, leaving the rest for other needs.

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But for Okey Egeruoh, it was difficult to find – and he had to make some personal sacrifices. The 31-year-old’s day job is as a software engineer, but he also holds two additional jobs to help save for a home.

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Originally from Brooklyn, Egeruoh lives right across the Nassau border in Queens with his parents. Egeruoh moved back home from Buffalo to eliminate rent from his budget.

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Egeruoh wants to move out on his own this year and even though interest rates are high right now Egeruoh said: “I wouldn't really say that's a big issue for me because I'm able to save a good amount.”

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In addition to a lack of housing stock, other factors keep millennials locked out of affordable renting and homeownership. Alina Florescu, a Long Island real estate agent at Signature Premier Properties, cited interest rates as one of the current issues in the housing market following the COVID-19 pandemic.

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“I think we're all kind of waiting to see what the interest rates do and see if they go down,” Florescu said.

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Alternatively, the issue during the pandemic was the gap between supply and demand. During lockdown, homebuyers sought a home, leading them to pay over the asking price in some cases tens of thousands of dollars more.

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“They outgrew their space,” said Florescu, referring to the fact that remote jobs became popular during lockdown, and afterwards, that buyers who sought home-office space  were eager and willing to splurge.

Florescu explained the mindset as: “We want it. We're going to pay. We're going to get a mortgage.”

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Matt Healy, mortgage broker at Washington Equities, said credit scores play a pivotal factor in obtaining a low interest rate.

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“A credit score is a true driving factor in any program or product that is available,” Healy said. “However, in affordable housing, there is more leniency regarding credit scores.”

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People often don’t realize the importance of their credit scores, which are key factors in determining products and interest rates. The lower the credit score, the higher the risk, and the higher the interest rate, Healy explained. Banks are determining the risk, ensuring that you're willing and able to repay the mortgage, Healy said.

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Local elected officials have also gotten involved.

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In 2024, New York Governor Kathy Hochul announced several initiatives she hopes will ease the burden of the restrictive housing market as part of her budget announcement. The measures include expanding New York's housing supply, with a $500 million capital fund to develop up to 15,000 housing units on state-owned land, and $600 million in capital funding to support statewide housing initiatives. Additionally, there are new protections for tenants and homeowners, including anti-price gouging measures for renters, measures to combat bias and prevent housing discrimination.

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Michelle Robalino, a 29-year-old caseworker for a non-profit from Long Island, hopes Hochul’s policies can help.

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Robalino, who lives in Deer Park, moved out of her parents' home in October with hopes of buying a home, but it did not happen.

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Robalino applied for a loan in late 2023 and again in April 2024. Her pre-approval was for $380,000, and her parents were going to co-sign her loan; however, no houses were available for around $300,000.

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“(Millennials were) set up for failure because wages are pretty much the same, yet housing costs have… maybe quadrupled, at least from what I remember when I was younger,” Robalino said.

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Robalino’s revised timeline to try and buy a home will be within the next five to 10 years.

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Said Robalino: “It's pretty disappointing and I don't think I see myself buying a house anytime soon.”