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.
News
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories
)
)
)
)
)
)
)
)
)
)
)
)