Need news in a flash? Here’s what’s happening in your community
New York City’s home market is tentatively where it should be, but just barely, according to Freddie Mac’s Multi-Indicator Market Index, which measures a metro’s mortgage status, home payment-to-income and employment.
NYC’s rent growth has grown at a disproportional rate compared to renter income growth, according to a recent report from Apartment List that measured metro rent increases versus renter incomes from 1980 to 2014.
According to a Zillow study, NYC’s bottom tier buyers spend almost half (48 percent) of their income on owning a home. Middle tier and top tier buyers spend just over 25 and 18 percent, respectively, remaining below the unaffordable income-to-mortgage ratio.
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