You Officially Can’t Afford to Live in Brooklyn
If you were a millennial dreaming of a cute townhouse in Brooklyn, just far enough from Williamsburg that it wasn’t considered hipster or gentrified, it’s time to wake up.
Either that or figure out how to triple your income, because Brooklyn is now officially the most unaffordable housing market in America.
According to reports, Brooklyn residents “would need to devote 98 percent of the median income to afford the payment on a median-priced home of $615,000.”
Can you remember a time when people couldn’t associate Brooklyn with anything remotely high-end or expensive? Back in the early 2000s where Dan Humphrey literally became Gossip Girl to escape the “misery” of a loft in Brooklyn for the sanctuary of the Upper East Side?
Well that was then and this is now, and right now Brooklyn is where everyone wants to be.
It started with the hipsters, slowly gentrifying Brooklyn, so they could “escape” the uptight elite of Manhattan, but now even those Manhattan elite are flocking to the BK.
According to data from real estate-information company, Realty Trac, Brooklyn comes in as the number one least affordable with San Fransisco and Manhattan coming in second and third.
We can thank Manhattan for Brooklyn’s major price jump. Reports explain that Manhattan is now where the world’s super elite have flocked. Since 2008, 30% of condo sales in large Manhattan developments have come from overseas.
This means that the semi-rich New Yorkers who would typically populate Manhattan are now following the hipsters and claiming Brooklyn for their own and they aren’t just renting.
In 2014 ninety-eight townhouses in Brooklyn sold for over $3 million. The new wave of buyers are not just snatching up property, they’re buying history. Historic Brooklyn brownstones are now home to upper middle class yuppies who 10 years ago would have never called Brooklyn home.
As sad as you may be that Brooklyn has become a distant dream for you, remember that this disappointment is a genuine tragedy for low income individuals and families. The housing crisis just got even realer in New York City, so you’d better get on the housing lottery list if you want a home in about 5 years.