Average Brooklyn worker would need a 27% raise to buy a borough home

BK continues to be the least affordable place to live in the country

TRD New York /
Jan.January 05, 2017 11:10 AM

Brooklynites looking to buy in the borough will need to ask for a big pay bump.

The average wage earner in Brooklyn would need a 27.2 percent pay raise in order to buy and make the mortgage payments on a median-price home in the borough, making it the most unaffordable place to live in the country, a new study shows.

Real estate and property-data provide Attom Data Solutions conducted a survey of 447 urban and suburban counties nationwide for the study, the Wall Street Journal reported.

Brooklyn has ranked as the most unaffordable place in the country since the second quarter of 2013.

The high cost of housing could hamper the borough’s economy, said Brooklyn Chamber of Commerce president Andrew Hoan, who took over in December after former president Carlo Scissura left to helm the New York Building Congress.

“We need affordable housing, we need market housing and we need luxury housing. We are already behind,” he said.

Manhattan ranked as the fifth least-affordable place to live, behind Santa Cruz and Marin counties on California’s northern coast and Summit County in Utah, not far from Salt Lake City.

Unlike most suburban counties, though, Brooklyn has a huge stock of rental housing that helps reduce some of the pressures brought on by high housing costs. Roughly 69 percent of people in Brooklyn and 75 percent of Manhattanites rent, according to U.S. Census data. [WSJ]Rich Bockmann


Related Articles

arrow_forward_ios
New York’s real estate market is becoming two different stories: Manhattan, where deals are falling — and the suburbs, where demand is spiking. (iStock, Unsplash)

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July

Manhattan is cold, the suburbs and Brooklyn are hot: Here’s what the resi market looked like in July
Home sale price declines are expected for July, after a recent bump, according to a CoreLogic report. (iStock)

Home sale prices got a bump, but a drop is coming: Report

Home sale prices got a bump, but a drop is coming: Report
(Images courtesy of Victor Group)

The Getty condo chops prices up to 53%

The Getty condo chops prices up to 53%
442 Union Street and 257 Berry Street (Google Maps)

Brooklyn’s luxury market reaches new pandemic high

Brooklyn’s luxury market reaches new pandemic high
Marwan Kheireddine (inset), Jennifer Lawrence and 400 East 67th Street (Getty, Compass, BDL Accelerate)

Jennifer Lawrence’s Upper East Side PH sold at 37% loss

Jennifer Lawrence’s Upper East Side PH sold at 37% loss
Senate Minority Leader Chuck Schumer and Senate Majority Leader Mitch McConnell (Schumer by Tasos Katopodis/Getty Images; McConnell by Ting Shen/Xinhua via Getty)

Schumer v. McConnell on SALT: Who’s gonna give?

Schumer v. McConnell on SALT: Who’s gonna give?
111 Leroy Street and 817 Fifth Avenue (StreetEasy, Google Maps)

Luxury deals plummet in Manhattan — again

Luxury deals plummet in Manhattan — again
From left: Jared Kushner, 715 Park Avenue, Deutsche Bank CEO Christian Sewing, and Rosemary Vrablic (Credits: Kushner by BRENDAN SMIALOWSKI/AFP via Getty Images; 715 Park via Google Maps; Sewing by by Thomas Lohnes/Getty Images; Vrablic by PAUL LAURIE/Patrick McMullan via Getty Images)

Apartment sale to banker for Trump and Kushner probed

Apartment sale to banker for Trump and Kushner probed
arrow_forward_ios

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

Loading...