The Real Deal New York

Brooklyn is the least affordable housing market in US: report

San Francisco and Manhattan take second and third place
December 04, 2014 12:55PM

Brooklyn is the least affordable housing market in the U.S., according to RealtyTrac data.

A Brooklynite would need to spend 98 percent of the median income to afford a home there. The median sales price in the borough hit a record $587,515 in the third quarter this year, according to Miller Samuel data. Nearly 70 percent of Brooklyn residents are renters. Brooklyn saw a 6 percent year-over-year climb to $2,858 in median rent, Miller Samuel data showed. 

RealtyTrac reviewed property sales in 475 counties nationwide between January and October. San Francisco and Manhattan followed Brooklyn as the second and third worst housing markets for affordability, Bloomberg News reported.

A seven-bedroom Park Slope townhouse sold for $10.8 million last month, making it the third priciest sale in Brooklyn’s history and the most expensive ever in that neighborhood. [Bloomberg News]Mark Maurer