SI housing is no longer so affordable

TRD New York /
May.May 04, 2011 04:03 PM

Staten Island has grown faster than any other borough over the last two decades, making 24 percent and 26 percent gains, respectively, in population and new homes, according to a new report by Center for an Urban Future cited by the Wall Street Journal. But as the island saturates and housing costs rise, many residents are finding the borough to be different from the one that was known to be a haven for first-time homebuyers just 20 years ago. Almost half of all Staten Islanders spend at least 35 percent of their income on housing, compared with just 30 percent of residents 20 years ago. “In 1990, this was clearly the borough where young families can go and pretty easily buy your first home,” said Jonathan Bowles, one of the authors of the report. “[Now] it’s much more difficult to afford that home on Staten Island.” As a result, despite the population growth, there are fewer five-year-olds living in the borough now than there were in 2000. [WSJ]


Related Articles

arrow_forward_ios
SoftBank taps former Sprint CEO to fix WeWork, this borough could house Trump’s presidential library: Daily Digest

SoftBank taps former Sprint CEO to fix WeWork, this borough could house Trump’s presidential library: Daily Digest

From left: Brookfield's Ric Clark, Sears at Staten Island Mall, and Eddie Lampert (Credit: Brookfield; Facebook; Getty Images)

Brookfield’s Staten Island Mall anchor tenant, Sears, is closing up shop

A rendering of the New York Wheel (Credit: S9 Architecture | Perkins Eastman)

The New York Wheel is back! Maybe. And it would be smaller.

Home prices rise at slower pace despite falling mortgage rates: report

Home prices rise at slower pace despite falling mortgage rates: report

REITs upped their portfolios of mortgage bonds to $308 billion (Credit: iStock)

REITs’ investments in the American mortgage market are skyrocketing

9004 Congressional Court (Credit: iStock)

Party politics: Huge event-ready house in D.C. area is headed for auction

Google Employees Clogging Mountain View Street With Campers, In Effort To Avoid High Local Housing Costs (Credit: Getty Images)

In the shadow of Silicon Valley’s tech boom, thousands of Bay Area residents live in RVs

Former City Council speaker Christine Quinn and 44 Victory Boulevard in Staten Island (Credit: Getty Images and Google Maps)

Plans move forward for homeless shelter on Staten Island

arrow_forward_ios
Loading...