AgentMarkets & Economy

Brooklyn is the most inflated housing market in the US

Incomes struggling to keep pace with median-priced homes
Published on Feb 11, 2016
  • Brooklyn residents making the median income must devote 98 percent of their take-home pay on housing to afford a median-priced home.
  • The Douglas Elliman quarterly report shows housing prices rose 11.1 percent in Brooklyn at the close of last year– the second highest in Brooklyn history and the thirteenth successive quarterly increase.
  • Experts attribute sudden surges in Brooklyn home prices to international luxury condo investors, who are saturating the Manhattan market with multi-million dollar units.
  • Average rent increased 1.5 percent since 2014 in Brooklyn, hitting a peak of $2,716 last year.

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by CareyBot

Brooklyn is now the priciest housing market in the nation when considering percent of income spent on housing, according to real estate data company RealtyTrac. In Brooklyn, residents making the median income must devote 98 percent of their take-home pay on housing to afford a median-priced home, and median-priced homes are currently sitting at $615,000, as outlined in a recent report on Bloomberg ...

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