Experts on tackling Long Island's challenges

For months, we have been asking Long Islanders: What challenges do you face living here right now?

The responses were clear. From rising housing costs to soaring food prices to increasing monthly bills, LIers said it is becoming more and more unaffordable to live on Long Island. In order to gain further insight, we consulted experts on housing, food and finances. During our conversations, they shared their perspectives on affordability and how they are using their positions within the community to create impactful change.

Ange Matthews, Founder of The Happy Investor Method®

"An emergency fund shouldn’t be a fantasy number; it should be a bridge to your next best decision."

When it comes to managing money, there is no one-size-fits-all formula. For aspiring homeowners, Matthews urges people to fix their credit early, look into mortgage insurance, and consider lease-to-own or off-market deals. “Where you live can either multiply your money or minimize it,” she says. If you’re weighing whether to stay or move, lower-cost states like Florida and Texas can stretch your dollar, but emotional decisions also come into play if moving requires you to leave your family and the community you’ve built over the years. Financial planning also means preparing for emergencies and for the future. Matthews says, “retirement isn’t an age, it’s a math problem tied to lifestyle.” A solid goal to aim for when thinking about retirement is about 25 times your annual expenses. In New York, due to the high cost of living, healthcare and taxes, this amount can easily be about to millions to live comfortably. Building wealth also means preparing for the unexpected. In order to be prepared, Matthews says you might need to experience “intentional discomfort.” That could mean downsizing, budgeting for flexibility, or saving at least one month’s worth of expenses. The most significant wealth lesson she has of all is to start early, and talk openly about finances. “Generational wealth doesn’t start with inheritance — it starts with intention.”

Steven Kent, Economist for the Long Island Association

"Without more affordable and accessible housing options, we risk losing the next generation of Long Islanders."

Inflation and rising house costs make it harder for families to make ends meet and it is making it difficult for the next generation of Long Islanders to build their future here. Steven Kent, chief economist for the Long Island Association, believes the region's affordability issue is directly related to the cost of housing. The pandemic only heightened this problem as people left New York City for more space creating fierce competition for entry-level housing. Kent said inflation is visible across the board. Expenses like rent or mortgage are easy to see, he said, but he also brought up the "Snickers bar effect." Even candy jumped in price over the last year, while portions got smaller. With the rising costs of insurance, car payments, health care, and other expenses, Kent recommends taking a look at recurring expenses because even saving a small amount of money could be helpful.

Gwen O'Shea, President & CEO of CDCLI

"Housing is home. Home is our foundation, it's our health, it's our safety, it's our security blanket. And when that is not stable, no other aspect of our life is."

Gwen O'Shea has seen firsthand how fragile housing security is here on Long Island. According to data from the U.S. Census Bureau, over 50,000 households on Long Island spend more than half of their income on rent. Which means, today, many aren't too far from being left without a home if a financial emergency was to occur. Across generations, people are struggling to find solutions. According to O'Shea, we need about 100,000 new units to meet the needs of current residents. Her organization provides help for residents to improve their credit, plan for homeownership, and educates people on how to obtain grants and modify their homes for their later years. Reach out to Community Development Long Island to learn about ways to secure housing. Hear more from O'Shea here.

Randi Shubin Dresner, President & CEO of Island Harvest Food Bank

"We're not ending hunger by distributing food. We're ending hunger by creating innovative programs where we can make people independent and self-sufficient."

On Long Island, more families are turning to food banks as they struggle to keep up with the rising costs of groceries. Randi Shubin Dresner, president and CEO of Island Harvest, shared with us that since the pandemic, the amount of food they have been delivering to Long Island residents has doubled to 21 million pounds of food annually. To tackle food insecurity at the root, Island Harvest runs workforce development programs and educational sessions on how to eat healthier food on a budget. Her many interactions with people who have received assistance from Island Harvest constantly confirm for her that helping with hunger can lead to a happier, healthier community.  Hear more from Dresner here.

Stats that stood out

Affordability numbers are staggering on Long Island. Here are some statistics our experts shared for Long Island, Nassau and Suffolk Counties.

According to Feed America, food insecurity occurs when a household cannot access enough food due to a lack of money and other essential resources. Oftentimes, multiple factors can lead to food insecurity including income, expenses and health care costs.