It looks like gentrification has officially gotten the best of the borough.
Brooklyn residents, according to a report from RealtyTrac in CNNMoney, spend nearly 98% of the median income in order to be able to afford to purchase a median priced home in the area which costs about $615,000.
The real estate company analyzed 475 countries and found that 98 are identified as home affordability was higher than the county’s historical average in October. Brooklyn topped the list, followed by San Francisco, San Mateo and Alameda counties in the San Francisco metro area.
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CNNMoney states that while rising prices have been good for the housing market, income is stagnant making it harder for first-time buyers to enter the market.
The housing market is almost sure to continue to rise, will that push first-time buyers closer to Queens, the Bronx or Staten Island? Probably.