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Brooklyn Has the Least Affordable Housing In the Country

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Well, this is depressing: a new study by RealtyTrac shows that Brooklyn is the least affordable housing market not in the state, or even on the east coast, but in the entire country. That's right, Kings County is the least affordable place to live in the United States. Bloomberg says that the findings are based on the "median household income required to make a monthly payment for a median-priced home from the beginning of 2000 through October." Brace for this: the study says a Brooklyn buyer needs to fork over 98-percent of the borough's median income to afford the payment on a median priced home of $615,000. No wonder almost 70-percent of people living in the borough are renters. And even with that, the median rental has increased 6-percent over the last year to $2,858. Renters, time to buddy-up. Buyers looking for a deal, maybe it's time to look elsewhere.
· Brooklyn Worst in U.S. For Home Affordability [Bloomberg]
· Park Slope House Sells For $10.8 Million, Sets Neighborhood Record [Curbed]
· Market Reports archives [Curbed]