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