Rising home prices, wages that haven’t kept pace with those increases, and high levels of student debt are forcing first-time home buyers on Long Island to find creative ways to afford the biggest purchase of their lives.
Buyers are discovering loans and grants that can add tens of thousands of dollars to their budgets.
Others are reducing the burden of student loans through refinancing or repayment plans, or saving for down payments by foregoing a lavish wedding and honeymoon.
For many, these measures are a necessity, given that local home prices have risen more than twice as fast as wages since 2000. […] Read more