Brooklyn is the least affordable housing market in US: report

San Francisco and Manhattan take second and third place

TRD New York /
Dec.December 04, 2014 12:55 PM

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


Related Articles

arrow_forward_ios
Benchmark Real Estate Group's Aaron Feldman (left) and Jordan Vogel (right) with 25 Monroe Place in Brooklyn (Credit: LinkedIn)

Benchmark looks to sell BK Heights rental building for $70M

From left: 278 Henry Street and 296 Sackett Street

Brooklyn’s resi market saw 20 contracts close above $2M last week: Stribling

Brooklyn and Queens rents rise as incentives decline: Elliman

Why Brooklyn and Queens buyers are “camping out”

Real estate community and hipsters rejoice over canceled L train shutdown

That didn’t last long: concessions in Queens are going back up

Tale of two boroughs: Rental concessions drop in Queens but double in Brooklyn

This is the fastest-growing BK nabe

arrow_forward_ios