Many Long Islanders know that what they pay to live here is the biggest tax on their finances.

It's so expensive that the cost of renting is usually higher than a mortgage.

"I've been looking for two years, and it's been very difficult and frustrating too because I'm tired of paying rent when I could be paying a mortgage for even less than what the rent is," said Michael Babcock, of Amityville. “Every time you go to buy a home, either you get beat out by someone with cash or they give a larger down payment," he said.

Babcock's high monthly rent is the biggest obstacle to buying a home.

"People who may rent to save for a home first have a tough time saving the down payment portion because the rents are so high because of the lack of supply on the island," said James Britz, with the Long Island Housing Partnership.

Britz says on average, people pay nearly 50% of their income on rent in Nassau and Suffolk - and sometimes more.

"You shouldn't spend more than 30% of your income towards housing expense, whether it's rent or home ownership," said Britz.

That's why there is a push for more affordable rental units on Long Island.

By law, any building with five or more units must have 10% that are considered affordable.

"A lot of the market right now, you're seeing $3,500, $4,000 depending on the bedroom size. Usually, affordable are anywhere between $1,900 to $2,600, depending on how many bedrooms," said Britz.

Britz says there are affordable units available right now, and people should ask any leasing office about affordable options.

People do have to qualify and meet the income threshold, which can vary.

Britz says to keep an eye out for housing lotteries and down payment assistance programs.

For a list of developments with available affordable units, click here.