Millennials Carrying Heavy Debt Burden
About nine out of 10 Millennials (90%) have some form of debt (not including mortgage debt), up from 72% last year. The average debt load for each Millennial is $90,590. Further, 36% of them say they may have to file for bankruptcy.
Housing Affordability on LI Seems Unattainable
Many first-time homeowners seem unable to find a house they can afford. In the first quarter of 2013, the median home sales price on Long Island was $341,000. In the second quarter of 2023, it nearly doubled to $600,000.
SOURCE: Jonathan Lamantia, “Why are Long Island homes so expensive?”, Newsday, August 1, 2023
NY’s Delinquency Rate above Average
New York State had the third highest overall mortgage delinquency rate in May 2023 at 3.8% behind Mississippi (5.0%) and Louisiana (4.9%). However, the Empire State’s delinquency rate is higher than the national average, which is 2.6% for homes 30 or more days delinquent.
Net Zero — for Ratepayers’ Wallets
Thanks to the “net zero” pledge made by Governor Kathy Hochul, Con Ed customers will see their electric bills go up 9% next month and could see their bills double in two years. That means a $70 bill will be $140 and could keep customers from using their air conditioners or clothes dryers, while bankrupting them in the process.
More Officers Shot on Duty
With mainstream media reports on officers shooting innocent citizens, there have been virtually no reports on officers being shot. The National Fraternal Order of Police recently released a report that, as of July 31, 2023, there have been 226 officers shot in the line of duty. That is 22% greater than the same time in 2021. Of the 226 who were hit, 31 were killed by gunfire and 81 were shot in 69 separate ambush-style attacks.