Huntington income boom seen post COVID

A new study shows Huntington, Long Island is experiencing significant growth in household incomes.

Huntington Long Island ranks high on wealth increasing list

Households in Huntington, Long Island have seen a significant increase in their incomes since the COVID pandemic, according to a new study. Research from GOBankingRates reports that between 2020 and 2023, the median household income in Huntington rose by 22.8%, from approximately $131,989 to $162,066. This surge places Huntington 16th on GOBankingRates' list of the top 50 U.S. towns where residents are building wealth most rapidly. The number of households earning over $200,000 increased by 22.6% during the same period. Other Long Island towns, West Islip and Plainview, also saw income growth, although Huntington was noted for its particularly notable rise in wealth. Summit, New Jersey topped the list with a 39.4% income growth.

The wealth boom in Huntington signals a shift in the middle-class landscape. As incomes rise, it raises questions about the sustainability of such growth and its impact on local economy and community dynamics. The rapid increase in high-income households may pressure local resources and housing markets, shifting the socio-economic environment significantly. These trends reflect a broader economic recovery for certain areas, but also highlight growing disparities across the country. The concentration of wealth in select regions could lead to increased social tensions as opportunities for the less affluent shrink further.

Highlights

Overall, Huntington's wealth boom offers both opportunities and challenges for the community as it adapts to its new economic landscape.