Brooklyn Rent To Remain Mostly Unaffordable Throughout 2016

If you’re thinking about moving to Brooklyn in the near future, you better have a few coins (or thousands) saved up for the rent.

While housing costs will remain high in New York City, StreetEasy — NYC’s leading local real estate marketplace, predicts that buyers and renters will see slower price growth in 2016 and Brooklyn homes will remain the most unaffordable in the market.  Affordability is determined using rent-to-income ratios for 2016, which are calculated by forecasting median rent and median income among renter households in New York City and Brooklyn’s rent-to-income ratio tops the list at a staggering 65.7%.

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“Renting in New York City will be even less affordable for households as rent eats up a larger share of income. The typical household will need to set aside nearly two-thirds of its total annual income to pay the city’s median asking rent in 2016, a significant increase from this year. Once again, residents of Brooklyn are expected to bear the greatest burden as rent there will account for two-thirds of a household’s income. Lack of affordable options means many New Yorkers will choose to double or even triple up in smaller units, further compounding the city’s overcrowding problem in 2016,” according to StreetEasy statement.

StreetEasy also predicts that Coney Island and Midwood will be the hottest Brooklyn neighborhoods of 2016 and the hottest neighborhood of all five boroughs will be Jamaica, Queens. Go Figure!