Buying or selling a home can be a stressful time but new data is showing that in Mineola and Alberston, that experience is a lot less nerve-racking.
According to SmartAsset, a financial technology company, Mineola was the second healthiest housing market in the state, with Albertson coming in sixth. SmartAsset measured the health of the market based on stability, risk, ease of sale and affordability.
In regards to stability, they looked at the number of years people remained in their home, with Mineola coming in at an average of 18.5 and Albertson at 22.5 (the state average was 17.1). They also considered homes with negative equity, with Mineola having an average of 3.5 percent and Albertson 2.5 percent (the state average was 13.4 percent).
In regards to risk, SmartAsset considered the number of homes that decreased in value. In Mineola, 4.9 percent of homes decreased in value, with 9.7 percent in Albertson.
SmartAsset also found that in Mineola, homes spent an average of 84.8 days on the market, in Albertson, it was 84.7 days. The state average was 110.8 days.
In regards to affordability, SmartAsset considered home costs as percent of income. Mineola was at 23.4 percent and Alberston was at 26.3 percent, slightly higher than the state average of 21.4 percent.
Taking the number one spot as New York’s healthiest housing market was Lackawanna. Other Long Island communities that made it onto the list were East Meadow, Wantagh, Hicksville and Salisbury.
AJ Smith, vice president of content at Smart Asset, said the study can help those looking to buy a home understand what factors to look at, and should be encouraging for residents in Mineola and Albertson.
“These are some factors you might not have thought about before,” said Smith. “And it’s encouraging for [homeowners] because the housing market in the area is healthy. If they are looking to sell soon, that can be a helpful statistic. The more information you have, the more equipped you are to make the best decision.”