Brooklyn now has the dubious distinction of being the most unaffordable city in the nation. When it comes to buying a home, a new report by RealtyTrac rates the borough worse than notoriously ritzy Manhattan and San Francisco, Bloomberg reports.
RealtyTrac’s reasoning: a Brooklyn resident would need to devote 98 percent of the median income to make payments on a median-priced home of $615,000. Costa are particularly pronounced in Brooklyn, as wealthier New Yorkers priced of Manhattan are competing across the river. Case in point: Curbed reported yesterday the $10.8 million sale of a Park Slope townhouse, a neighborhood record. Brooklynites, however, can take cold comfort in knowing buyers are also having a rough time of in LA, Boston, Dallas and 94 other cities where homes are less affordable than historic averages.
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