Wallet Watch newsletter: Will I ever be able to buy a home?

Richard Lefebvre, 37, has been renting the same one-bedroom in Mastic Beach for 15 years.

The school bus driver has been ready to buy his own home for years. But, faced with rising home prices and expensive mortgage rates, he says he can’t afford the expenses that would come with home ownership. 

It’s a conundrum facing many Long Island renters, as my colleague Jonathan LaMantia and I reported this week for Wallet Watch. Federal data shows that fewer renters now believe they will ever own a home. The age of the typical first-time homebuyer has grown from 29 to 40 since 1981, according to the National Association of Realtors.

It’s harder to buy a home on Long Island, which remains one of the strongest seller’s markets in the country. From what I've heard from renters, it seems that even if you have a good job (or two) with a decent salary, you might not be able to afford a house here. We spoke with around a dozen people who described the struggle to not just save for a down payment, but even just keep up with rising rents in the region. 

Despite those challenges, there was an underlying glimmer of hope. Many renters said they still aspire to homeownership, viewing it as a source of financial security and stability. Although several said they had considered pursuing that dream elsewhere, most want to stay on Long Island — near family and friends, and at their jobs and businesses.

But if you are an aspiring homeowner, there are resources that can help. 

Read the story here. 

From our readers

Lizzie Bollard from Facebook asks:

What is the best way to save on cooling and heating?

Heating and cooling can account for a significant share of your electric bill, especially during extreme weather. One of the easiest ways to save is by shifting energy-intensive chores — like running the dishwasher or doing laundry — outside of peak hours, which are 3 p.m. to 7 p.m. Monday through Friday.

Here are some additional ways to lower your energy costs.

To save on cooling:

• If you have central air conditioning, keep the condenser unit coils and fins clean. Keep shrubs away from your air conditioner to avoid blocked vents.
• Check the filter on room air conditioners once a month by holding it up to a bright light. If you can’t see through it, that means it needs to be cleaned or replaced.
• Use caulking to seal spaces around room air conditioners.
• Run pedestal and ceiling fans to improve air circulation.

To save on heating:

• Make sure your home is properly insulated.
• Humidifiers will help your home feel more comfortable at a lower temperature.
• Avoid portable heaters if you can. They’re expensive to use.
• Open curtains and blinds to let in the sun.

PSEG offers resources on how to use energy more efficiently. To learn more on how to save on heating and cooling, click here.

Have a question you'd like to submit? Confused by a bill? Spotted a price hike? Ask our team and we might answer it in the next edition. Email walletwatch@newsday.com or click here.