According to a new study by RealtyTrac, Brooklyn has quickly become the least affordable housing market in the country.
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While San Francisco and Manhattan have been the more notably pricey markets in recent years, Bloomberg now reports that a Brooklyn resident would have to put up 98 percent of the borough’s median income to afford payments on a median-priced home of $615,000. Due to an influx of deep-pocketed outsiders moving into the city pushing real estate prices skyward in Manhattan, the once-hipster friendly borough has fast become a pipe dream when it comes to livability.
“Incomes have not grown nearly as fast as home prices,” Daren Blomquist, a vice president at the real estate information company said. “That disconnected home-price growth has been driven by investors and other cash buyers who aren’t as constrained by income.”
At last count, nearly 70 percent of Brooklyn residents are renters and the median rent in the borough was up to $2,858 a month as of October 2014, a nearly six percent increase from the previous year. Meanwhile, in December, a $10.78 million Park Slope townhouse became the third-most expensive real estate purchase ever in the borough. More generally, there were 98 townhouses in Brooklyn that sold for more than $3 million in 2014 according to Business Insider.
Maybe it’s time to move to Queens?
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