Long Island is the sixth richest area in the country. As the rest of the country struggles with unemployment and the economic recession, “Long Island boasts one of the lowest unemployment rates in the country and employment opportunities in many fields.” Long Island’s median household income is nearly $53,000. Another advantage of the area is the world-class schools, parks, museums and beaches. Divided into four counties, Nassau, Suffolk, Queens, and Brooklyn/Kings, Long Island covers 125 miles and is home to seven and a half million people. There are 107 schools in Nassau and Suffolk counties and more than 90,000 businesses.

Of those people, the home ownership rate is incredibly high. In Suffolk and Nassau counties, nearly eighty percent of the population owns their home. Queens has a homeownership rate of nearly 43 percent, while Brooklyn trails behind at 27 percent. Long Island real estate is clearly some of the best in the country, both because of its proximity to New York City and its geographic location on an island. Median home price in 2008 was surprisingly good for the area at around five hundred thousand.

Unlike many other real estate situations, Long Island homes have the added possibility of owners renting them out to short-term vacationers or people attending New York City events. “According to the Internal Revenue Service, homeowners can earn tax-free income from renting a home or getaway as long as it is rented for 15 days or less and they do not claim any of the tax deductions normally allowed in the rental property, such as for depreciation or maintenance. Once the 15-day threshold is reached, a different set of tax laws comes into play.”

If you close on your new home by December 1, 2009, you may also qualify for the $8,000 first-time homebuyer tax credit. A married couple making less than $150,000 or a single person making less than $75,000 qualify for this tax credit. Additionally, virtually any type of home qualifies as long as it is your primary residence. With all the perks and benefits of Long Island, finding a long-term or seasonal vacation home for the price you’re looking for couldn’t be easier.