Living in Lake Success, NY, provides residents with a family-friendly atmosphere defined by low crime rates and a strong school system. The Great Neck School District is highly regarded, boasting high graduation rates and numerous enrichment programs. While housing costs are above the national average, the community offers diverse options for families and professionals. Situated just 20 miles from Manhattan, Lake Success allows easy access to urban conveniences while maintaining a suburban lifestyle. Nevertheless, residents face challenges like high utility expenses and grocery prices. Discover more about what makes this community unique and the lifestyle it offers.
Pros of Living in Lake Success, NY
Pros Of Living In Lake Success, NY
1. Family-Friendly Community
Lake Success boasts a safe environment, with a crime rate notably lower than the national average. The estimated violent crime rate is around 1.5 incidents per 1,000 residents, while property crime sits at just about 5.2 incidents per 1,000. Such safety is a huge attraction for families looking to settle down in a secure setting.
Residents often participate in community events, like neighborhood fairs and cultural festivals, which help build a sense of belonging and friendship among families.
2. Strong Education System
The education opportunities in Lake Success are excellent, with a commitment to high-quality learning. The Great Neck School District, serving the area, regularly ranks among the top school districts in New York State, with the high school graduation rate hovering around 95%.
Schools in this district are known for their academic excellence, which is a notable factor for families choosing Lake Success. The focus on enrichment programs, arts, and sports creates a well-rounded educational experience for children.
3. Affordable Housing Options
Housing in Lake Success offers appealing choices that are more affordable relative to nearby areas. The median home price is approximately $1.1 million, which, while higher than the national average, is lower than real estate prices found in nearby communities like Great Neck and Manhasset.
For those who seek rental options, the average rent for a two-bedroom apartment is around $2,800, providing various cost-effective opportunities for both families and young professionals. This affordability makes it an attractive alternative for many.
4. Proximity to Urban Amenities
Living in Lake Success means enjoying the best of both suburban and urban life. Residents can take advantage of local amenities while also being just a short commute away from Manhattan, which is about 20 miles to the west.
The Long Island Rail Road provides convenient access to the city, making it ideal for commuters. Beyond the city, residents have access to parks, shopping centers, and recreational facilities within Lake Success, contributing to a balanced lifestyle that mixes convenience with tranquility.
5. Rich Cultural Diversity
Diversity truly thrives in Lake Success, with a population that includes various ethnic groups and cultures, which enriches the community experience. The town is home to numerous cultural organizations and events that celebrate this diversity, promoting inclusivity and understanding among residents.
According to estimates, approximately 30% of residents identify as Asian, and the community regularly holds events and festivals that highlight different cultural practices, cuisines, and traditions. This cultural richness contributes to a welcoming atmosphere for newcomers and long-term residents alike.
Cons of Living in Lake Success, NY
Cons Of Living In Lake Success, NY
1. High Housing Costs
One of the noteworthy disadvantages of living in Lake Success is the steep housing market. The average home price in the area is approximately $1.1 million, which is markedly higher than the national average of around $328,000. This price point poses a considerable barrier for first-time buyers and families looking for spacious accommodations.
Rent prices are equally intimidating, with two-bedroom apartments averaging about $3,000 per month, which can strain budgets and lead to long-term financial difficulties for residents.
2. Costly Utilities
Residents of Lake Success confront steep utility bills, with average monthly costs reaching about $400. This figure includes typical expenses such as electricity, gas, water, and trash services.
Comparing this to the national average of roughly $250, it becomes clear that locals bear a heavier burden. A cold winter or a particularly hot summer can further exacerbate these costs, compelling families to reassess their financial planning regularly.
3. Grocery Prices
Grocery costs in Lake Success are remarkably higher than the national average. The grocery cost index stands at roughly 12% above average, making it challenging for families to maintain a budget-friendly food plan.
Common items such as milk can cost around $4.50 per gallon, while bread may reach $3.20, both of which are pricier than most areas in the U.S. This inflation in basic food costs can lead to a compromising lifestyle for residents, especially those on fixed incomes.
4. High Taxes
Taxation in Lake Success is a major concern for residents, with an effective property tax rate of approximately 2.1%. This figure is considerably above the national average of about 1.1%.
Alongside property taxes, residents also face high state and local income taxes, which can range from 6.85% to 8.82%, contributing to a substantial total tax burden that can deter financial stability and growth.
5. Limited Income Growth Opportunities
While the average household income in Lake Success sits at about $129,000, it fails to keep pace with rising living costs.
With inflation gnawing at disposable income, and many residents finding it difficult to catch up, the relative income levels create an affordability challenge. The lack of diverse employment opportunities in the immediate vicinity often forces residents to commute to higher-paying jobs in nearby urban centers, adding to their overall monthly expenses and time commitments.
Cost of Living in Lake Success, NY
COST OF LIVING IN LAKE SUCCESS, NY
Living in Lake Success presents a unique financial dynamic, reflective of its affluent suburbs within Long Island. The median home price here is approximately $1.1 million, markedly higher than the national average, which is around $347,500. Renters can expect to pay about $2,800 per month for a standard two-bedroom apartment, emphasizing the costly nature of living in this area. When it comes to groceries, prices are generally higher than both New York State and national averages, with a typical monthly grocery bill for a family of four estimated at around $1,000, owing to the premium placed on fresh produce and specialty items available locally.
Regarding utilities, residents can anticipate monthly costs around $200, which includes electricity, heating, and water, aligning closely with national averages but slightly raised due to local service fees. Transportation costs should also be factored in; the average commuting expense for professionals who work in New York City could enhance total living expenses. Given the well-connected public transit options, a monthly MetroCard for unlimited subway and bus rides is about $127, which is reasonable compared to the average costs of transportation in larger metropolitan areas. Consequently, residing in Lake Success necessitates an awareness of the financial commitments involved across various aspects of daily living.
Cost of living in Lake Success, NY
| Item | Estimated Cost |
|---|---|
| Median Home Price | $1,100,000 |
| Average Rent (2BR) | $2,800 |
| Monthly Grocery Bill | $1,000 |
| Monthly Utilities | $200 |
| Monthly Transportation | $127 (MetroCard) |
| Healthcare (family) | $1,200 |
History of Lake Success, NY
HISTORY OF LAKE SUCCESS, NY
Lake Success, NY, originated as a small settlement in the mid-20th century, becoming a village in 1948. The area was once part of the larger North Hempstead Township, a region defined by its shift from agrarian lands to suburban communities.
The establishment of infrastructure, such as the Long Island Rail Road in the late 19th century, facilitated growth and attracted residents looking for a commuter-friendly lifestyle. Notable figures in the area included the founders of the Lake Success Country Club, established in 1926, which became a social hub for local elites.
The population swelled post-World War II as families sought suburban living, reaching approximately 1,900 residents by the early 1960s. Notable historical landmarks include the Lake Success Village Hall, built in 1931, which reflects the architectural style of the period.
Over the years, cultural influences from nearby New York City permeated the economy and local events, with festivals such as the annual Lake Success Summer Fair highlighting community traditions.
Quality of Life and Weather in Lake Success, NY
QUALITY OF LIFE AND WEATHER IN LAKE SUCCESS, NY
Lake Success, NY, offers a high quality of life defined by its suburban charm and well-maintained environment. The air quality is generally good, benefiting from both local regulations and the proximity to several green spaces like the nearby North Hempstead Beach Park.
Residents experience a humid subtropical climate with distinct four seasons, including warm summers averaging around 80°F (27°C) and cold winters, where temperatures can drop to 30°F (-1°C). Local opinions indicate a strong appreciation for the natural beauty surrounding Lake Success, with many enjoying activities like hiking and biking in lush parks.
The community has access to several recreational areas and well-kept local parks, contributing to an active and healthy lifestyle. Weather-related concerns, such as the rare occurrence of hurricanes and potential flooding, primarily affect the area in the late summer months, but they maintain emergency protocols to guarantee public safety.
Additionally, access to healthcare services is regarded as adequate, with several hospitals and clinics within a short drive, reinforcing the area's reputation for livability and comprehensive resident satisfaction.
Education in Lake Success, NY
EDUCATION IN LAKE SUCCESS, NY
Lake Success, NY, is served by the Great Neck School District, which is known for its high academic performance and consistently receives a rating of 9 out of 10 on GreatSchools.
The district boasts several top schools, including Great Neck South High School and Great Neck North High School, both frequently ranked within the top 100 in New York State.
In addition to public schooling, there are private options available, such as the Solomon Schechter School of Queens, and charter schools in the surrounding areas.
The student-to-teacher ratio stands at approximately 12:1, ensuring that students receive personalized attention.
The education budget for the district is around $250 million, reflecting its commitment to quality education and various extracurricular programs, such as robotics, sports, and arts.
The graduation rate is impressively high at 95%, while average class sizes are typically around 25 students, striking a balance between individualized learning and social interaction.
For those wishing to pursue higher education, nearby institutions like LIU Post and Hofstra University are just a short drive away, providing ample opportunities for college-bound students.
Employment Opportunities in Lake Success, NY
EMPLOYMENT OPPORTUNITIES IN LAKE SUCCESS, NY
Lake Success, NY, is positioned within the thriving economic environment of Long Island, which boasts a diverse array of employment opportunities. The top industries in the region include healthcare, finance, and technology, with major employers like Northwell Health, a notable healthcare provider, and the headquarters of various financial firms.
Currently, the job market is experiencing a trend of solid growth, although it can be somewhat competitive, especially for positions within the financial sector. Common job types in Lake Success range from administrative and management roles to positions in customer service and sales, with average salaries varying widely; for example, financial analysts can earn around $80,000 annually while healthcare roles can average $65,000.
The general unemployment rate in the area hovers around 4.1%, which is indicative of a relatively healthy job market. Career growth opportunities are promising, particularly in healthcare and tech, with many professionals seeing a median income growth rate of about 3%-5% annually.
Additionally, residents may investigate job openings in nearby areas such as Garden City and Great Neck, offering even more extensive prospects within a short driving distance.
Recreation and Attractions in Lake Success, NY
Nestled in the heart of Long Island, Lake Success offers a variety of recreational activities and attractions that cater to diverse interests.
Residents and visitors can enjoy:
- The scenic Lake Success Golf Club, perfect for golf enthusiasts.
- Several parks for family picnics and outdoor sports.
- Proximity to local shopping venues and restaurants, ensuring a vibrant community experience.
Real Estate in Lake Success, NY
Lake Success, NY, not only offers a wealth of recreational activities but also presents a dynamic real estate market that attracts potential homeowners and investors alike. The area features a variety of properties, showcasing luxury residences and charming family homes. Below is a brief overview of current real estate options:
| Property Type | Average Price | Size (sq ft) |
|---|---|---|
| Single-Family Homes | $1.2M | 2,500 |
| Condominiums | $800K | 1,200 |
| Estates | $2.5M | 4,000 |
Transportation in Lake Success, NY
Transportation options in Lake Success, NY, are designed to meet the needs of its residents and visitors, guaranteeing convenient access to surrounding areas.
Key features include:
- LIRR Access: A nearby Long Island Rail Road station promotes easy commuting to New York City.
- Bus Services: Local and regional bus routes provide extensive coverage.
- Road Networks: Major highways secure efficient vehicular travel throughout the region.