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. 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. According to RealtyTrac, San Francisco and Manhattan are the second and third least affordable markets in terms of housing-to-income ratios. Although these two markets are pricier in terms of median home prices than Brooklyn– San Francisco’s median sales price is currently $1,250,000 and Manhattan’s median sales price is $965,000 -- the income in each of those markets is much higher, deeming them slightly more affordable. So why are Brooklyn prices rising so suddenly? Experts attribute sudden surges in Brooklyn home prices to international luxury condo investors, who are satur...
- 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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