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