Brooklyn is the least affordable housing market in US: report

San Francisco and Manhattan take second and third place

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
Manhattan rents rise
As July rents notch another record, brokers eye August dip
As July rents notch another record, brokers eye August dip
A photo illustration of rising rents in New York City (iStock)
“Barring a recession,” record-breaking NYC rents will keep rising
“Barring a recession,” record-breaking NYC rents will keep rising
(iStock/Illustration by The Real Deal)
Here’s where NYC rentals are available and where they aren’t
Here’s where NYC rentals are available and where they aren’t
Douglas Elliman's Hal Gavzie and Miller Samuel's Jonathan Miller (Douglas Elliman, iStock)
Welcome to New York, the median rent is now $4K
Welcome to New York, the median rent is now $4K
(iStock)
NYC rents soar as Covid deals die
NYC rents soar as Covid deals die
Manhattan rents up $1,000 ahead of spring rental season in NYCwith Zillow's Joshua Clark (Zillow, iStock)
3 painful facts for Manhattan renters — and happy ones for landlords
3 painful facts for Manhattan renters — and happy ones for landlords
(iStock/Illustration by Kevin Rebong for The Real Deal)
Expiring Covid discounts flood rental market
Expiring Covid discounts flood rental market
(iStock/Illustration by Kevin Rebong for The Real Deal)
Manhattan, Brooklyn rents jump to new heights as Queens leasing continues surge
Manhattan, Brooklyn rents jump to new heights as Queens leasing continues surge
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...