Brooklyn Is Officially The Most Expensive Place To Live In America!
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Brooklyn is now the most expensive place to live in America.
According to a survey conducted by real estate firm RealtyTrac, residents of the borough earning an average salary cannot afford a home here, even if they spent their entire salary. Three locations in in California including Marin County, Santa Cruz and San Francisco, follow close behind.
The cause of Brooklyn’s housing market to influx, are the residents of Manhattan are moving to Brooklyn causing the price of a house to drastically increase. Meanwhile wages aren’t keeping up with the pace of the housing market which makes Brooklyn the most unaffordable place for residents looking to buy. While Manhattan still has pricey homes than Brooklyn, wages in that area have increased to go along with the market increase.
According to the NY Post, “the average wage earner would need to spend just over 35 percent of his or her income to afford the median home in the area. Though this figure is higher than the government recommends, it is still far less than in Brooklyn.”
The most affordable places include Clayton County, Georgia in Atlanta, Wayne County, Michigan in the Detroit and Baltimore City, Maryland. Everything seems to be cheaper than Brooklyn.
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See RealtyTrac’s “Home Affordability” map by county below:
