Bed-Stuy, buy or die? Home values don’t bode well for renters

Neighborhood saw 194 percent increase in home values since 2004

New York /
May.May 06, 2016 12:42 PM

Sorry renters — gentrification in Bedford-Stuyvesant is not on your side.

That’s according to an analysis by the Washington Post, which shows that median income and median home values in the neighborhood are on very different tracks. The most recent census data shows the former at $44,000 a year, while the latter has exceeded $1 million. The median rental rate in Bed-Stuy during the first quarter of 2016, according to StreetEasy, checked in at nearly $2,300 a month, a 4.5 percent year-over-year increase.

The trend benefits longtime homeowners, at least in terms of property value. The neighborhood saw a 194 percent increase in single-family home values since 2004, the biggest jump among 300 of the largest metro areas in the country, the newspaper reported. In second place was downtown Austin, Texas, which saw a 172 percent increase. North Portland followed in third place with a 118 percent increase. Meanwhile, the national average for home value increases was 14 percent.

So millennials, that amorphous generation of selfie takers and serial renters, will need deep pockets to keep up with the market. [Washington Post]— Kathryn Brenzel


Related Articles

arrow_forward_ios
Bedford Stuyvesant Restoration Corporation president Blondel Pinnock along with a rendering of the planned project at Bedford-Stuyvesant’s Restoration Plaza (top) and the current site at 1368 Fulton Street in Brooklyn (bottom) (Getty, LoopNet, Bedford-Stuyvesant Restoration Corporation)
Bed-Stuy commercial project aims for 840K sf
Bed-Stuy commercial project aims for 840K sf
NYC Planning Commissioner Leah Goodridge (Illustration by The Real Deal with Getty, Leah Goodridge via Twitter)
NYC planning commissioner turns Christmas Twitter troll
NYC planning commissioner turns Christmas Twitter troll
Illustration of Mayor Eric Adams (Getty; Illustration by Kevin Rebong for The Real Deal)
Oh, rats! Eric Adams contests summons for infestation
Oh, rats! Eric Adams contests summons for infestation
Edward Norton and 441 Willoughby Avenue in Bed-Stuy Brooklyn (Google Maps, Twitter via EdwardNorton, Illustration by The Real Deal)
Historic Bed-Stuy mansion bites the dust
Historic Bed-Stuy mansion bites the dust
Edward Norton with 441 Willoughby Avenue (Getty, Google Maps)
Actor Ed Norton fights plans to turn historic Bed-Stuy mansion into condos
Actor Ed Norton fights plans to turn historic Bed-Stuy mansion into condos
Bushburg COO Jordan Franklin at Empire State Dairy (Photos by Paul Dilakian)
After two decades on Brooklyn’s frontier, Bushburg prepares to hit the gas
After two decades on Brooklyn’s frontier, Bushburg prepares to hit the gas
L.A. Metro board members Sheila Kuehl, Hilda Solis and rendering of new transit stops with high-end condos in Pasadena and North Hollywood (SCNG photographers, LA Metro)
The anti-NY strategy: LA transit buys land to stop gentrification
The anti-NY strategy: LA transit buys land to stop gentrification
Chinatown (Getty)
Are Chinatown’s days numbered?
Are Chinatown’s days numbered?
arrow_forward_ios

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

Loading...