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Impact of High Home Prices “Not Sustainable for the Economy”
Lawrence Levy, associate vice president and executive dean of the National Center for Suburban Studies, was interviewed by Newsday about high home prices on Long Island. The article says the average household now needs to earn at least $242,000 annually to afford a median-priced home. Levy said the long-term impact of high home prices “is not sustainable for the economy, for the school systems, because we need to be able to find places where younger or lower-earning people can live and take their rightful place in the economy, even if it’s not at the top rung of the earnings ladder.”
