Millennials are a very specific group of individuals.
There are 87 million of them, the larges group in the history of the U.S. (Baby Boomers are 74 Million). Their needs and wants, appear to radically different than their parents.
I know my kids want to have ease of access to transportation and would prefer to walk than drive to the LIRR, if possible.
Many are working out of their homes, as my daughter Kim does one-two days per week so she can be home with her kids.
Their concerns to me, appear to be centered around a family structure, so working and making money is very important, but the family seems to be a priority. Many want that small town feel, as many North Shore communities have; as they say a urban-suburban environment.
They enjoy the leisure activities, beaches, concerts, fairs, wine tasting on the North Fork.
I know what is coming up soon is the Oheka Castle, Wine and Food Festival. I went last year (if you book early, it’s $100 per person and you also get a free entrance to the wine tasting/food day on the North Fork, at a Vineyard, as I did last summer.
It was worth every penny, but make sure you have a designated driver, because there is so much wine, you might get a little tipsy, so be careful.
These are the types of events that millennials thoroughly enjoy; it’s not about vegging inside their home, but enjoy what the communities have to offer.
Even the Bailey’s Arboreteum, in Upper Brookville, gets busy during the summer months. Although, it is expensive to reside on Long Island and New York City, those that choose the locations, can afford it.
Unfortunately, more and more families are leaving New York than are coming in. Something really needs to be done about the real estate taxes, since President Trump’s new tax law, only allows a total of $10,000 deduction for real estate taxes, sales taxes and local taxes.
Most families are getting hurt, because what they could previously deduct, was worthwhile staying put. However, many are looking at the condition of living on Long Island as cost in effective for those, that cannot take all the deductions that they were allowed in 2017 and before.
I am not sure what is left of the “so called Middle Class” since it is waning very fast. If you earn between $40,000-$150,000, is that considered middle class anymore?
Probably not. With the 529 Plan to save for your kids college in the future, health insurance, lease payments, gas, repairs, mortgage and interest payments, I can see why our citizens can’t save money. We have the lowest savings rate in the “Free World.”
Maybe, we should look at our expenses and see where we can cut. Millennials like to have a great time and I know my kids do, but fortunately, they earned enough that they can put a sizable amount away and still have enough to have an enjoyable life.
That’s the college payments from Emory University and University of Maryland @ College Park; plus the study abroad in Salamanca, Spain for Spanish study abroad (Kim) and Matt spent six months abroad @ The University of New South Wales Engineering.
The investment has surely paid off. However, they had a plan as many millennials do and their accomplishments put them in a position to both purchase their first homes before they were 30!
My son actually just moved and rents out his first condo on Norfolk Street in NYC.
I guess our guidance as parents went a very long way in helping them with the excellent opportunities and chosen professions. My son texted me a few weeks ago and passed a real nice comment, that actually brought tears to my eyes, that said, “Dad, if it wasn’t for you and mom, I wouldn’t be where I am today.”
I texted him back that all we did was show him and his sister the correct path to take and all the sacrificing and work was done by them. I told my wife, to bury my cell phone with me.
Neither one had a new car when they went to college but a used one and I am sure many people in the area wondered why I couldn’t lease them a new one. My thoughts were that they had to earn the privilege and both did and leased new cars a few years later, once they were gainfully employed.
Of course, a different outcome could have come to pass, if they didn’t study and hung out with the wrong crowd. We are extremely fortunate and blessed to have such amazing and wonderful children, son-in-law our new daughter-in-law and grandchildren.
Nothing comes easy, so I would tell the millennials that working smart first and then working hard will produce the necessary results of health, happiness and financial success. There is a reason I have the success terms in that order, because if you don’t have your health, how can you be happy and create your success later on.
I believe they want a quality of Life, as opposed to quantity, which is why health is so important. Because when it comes down to it you and President Trump are going out flat and empty.
However, we are noted as the most unhealthiest nation in the world due to our poor eating habits and the garbage “fast food syndrome” and our lifestyles and non- exercise mentality.
Diabetes for teens are at epidemic levels because of the bad eating habits. I am not trying to bash the millennial crowd, but they need to get their act together, so their retirement will be fun-filled and enjoyable.
But I am afraid this might not be the picture for the future. But millennials do love Long Island and those that are staying will be rooted in the the local environment.
However, the way we are going, and I have said this before, we just might be the richest, most powerful country in the history of the world, but the shortest lived. I hope I am wrong!
Phil Raices is the owner/broker of Turn Key Real Estate at 7 Bond St. in Great Neck. He has earned the designations as a graduate of the Realtor Institute and is a certified international property specialist. He can be reached by email: Phil@TurnKeyRealEstate.Com or by cell (516) 647-4289 to answer any of your questions or article suggestions or provide you a free comparative market analysis on your property.
