In Brooklyn (NYC) where I’m searching for a house/condo, the median home price is approx. $450K, but the median household income in that area is only around $45K. I’m wondering how can people afford to buy the homes there? Do you think these new buyers are doing interest-only loans or are they mostly speculators? Thanks for any inputs.
It could mean that a lot of poorer people rent instead of owning.
where in brooklyn are u looking…could be overcrowding, rentals, zero down loans etc …my lease is up soon and i would love to return to brooklyn if i can find a nice enuff neighbourhood
I was searching for the Bensonhurst area and saw these price/income data on Century21.com for zip code 11214. The media has been chanting about how average home prices have come down to the pre-boom level. well, then nyc is certainly one of the exceptions. this is frustrating.
Park Slope would cost you alot more than $450K, consider that a deal in Bensonhurst. You might have to get pomaded hair, a nylon warm-up suit, and a St. Anthony medallion though to fit in.
aye di f4ckin guy aye youse a wise guy huh
jeez, it’s hipsters! come on now. hipsters make little to no income being artsy, but have incredibly expensive homes paid for by their parents while they live off of trust funds. Everyone knows this! hahahh
uhm aint no hipsters in bensonhurt mate…more like the burg and east bushwick…even tho some have been spotted in park slope its not their natural habitat
blocked by work… dmn it
450K for a HOUSE in brooklyn? wtf
Analti_Calte_Equity Wrote: ------------------------------------------------------- > 450K for a HOUSE in brooklyn? wtf yep, “wtf” is damn right. At the price / income ratio of 10, I wonder how sustainable this price is gonna be. My top choice is zip code 11204. Its median price is $633K, with a median household income of $40K. With a 64K salary, I don’t think I can afford anything there until after two more housing crashes take place.