Contour Mortgage News

8 Reasons Why Buying a Home on Long Island is a Smart Idea for Millennials

Written by Contour Mortgage | Dec 30, 2015 5:44:53 PM

Buying a home on Long Island is a smart investment across the board. But for millennials especially, real estate can be the platform for a smart financial strategy that could lead to financial freedom in the later years. 

  1. 1. Real estate is a great long-term investment and can serve as a retirement nest egg.
  2. 2. A house is a physical asset. It won’t disappear the way paper money or stocks can.
  3. 3. Long Island is a solid market with a steady incline in home value over the long term.
  4. 4. Owning a home has enormous tax benefits.
  5. 5. Mortgage interest rates are still low. Although the Fed has lifted its hold on raising rates, so the chance to take advantage of these low rates could be short-lived. All the more reason to buy sooner rather than later.
  6. 6. Owning a home gives buyers a sense of responsibility and the pride of ownership.
  7. 7. As equity increases, so do the financial benefits and opportunities. Home equity loans and lines of credit become possibilities.
  8. 8. Rent is steadily increasing on Long Island, making it an expensive ordeal that leaves renters with nothing to show for a costly monthly payment after all is said and done.

Long Island is a bastion of economic growth. With a close proximity to all that New York City has to offer, along with pristine beaches and the farmland on the east end, Long Island remains a great investment for forward-thinking millennials.