Results 1 to 5 of 5

Thread: Brooklyn # 1, the most unaffordable place in America to buy a home !

  1. #1
    Registered User trinifrombx is offline
    Join Date
    Nov 2005
    Location
    NYC
    Posts
    4,121
    Credits
    40,587,353

    Brooklyn # 1, the most unaffordable place in America to buy a home !

    Well, I am not surprise, just glad I bought my condo on Eastern Parkway before the new influx of game changers !

    Brooklyn Worst in U.S. for Home Affordability - Bloomberg


    Brooklyn Worst in U.S. for Home Affordability
    By Prashant Gopal Dec 4, 2014 11:26 AM ET 14 Comments Email Print
    Facebook
    Twitter
    Google+
    LinkedIn
    Save

    Photographer: Victor J. Blue/Bloomberg
    Rows of brownstones stand on a street in the Brooklyn borough of New York. Brooklyn,... Read More

    One in five U.S. housing markets are now less affordable than their historic average as price gains outpace income growth from New York to San Francisco.

    Of the 475 counties analyzed by RealtyTrac through October, 98 areas weren’t as affordable compared with the average level for the period starting in January 2000, the Irvine, California-based data company said in a report today. Brooklyn, New York, where a resident would need to devote 98 percent of the median income to afford the payment on a median-priced home of $615,000, was the least-affordable market, followed by San Francisco and Manhattan.

    Investors and foreign buyers have helped drive up home prices in high-cost markets, keeping many residents locked into rentals, where costs also have been rising. Prices in 20 U.S. cities climbed 4.9 percent in the year through September, the S&P/Case-Shiller index shows. Across the country, values have gained 25 percent since their February 2012 bottom.

    “Incomes have not grown nearly as fast as home prices” in the regions where affordability declined, Daren Blomquist, vice president at RealtyTrac, said in an interview. “That disconnected home-price growth has been driven by investors and other cash buyers who aren’t as constrained by income.”

    As a result, many markets are out of reach for traditional buyers, he said.

    Los Angeles and Orange County in California and the Houston, Dallas and Boston regions are among the 98 areas where homes were less affordable than the historic average, RealtyTrac said. The company based its calculations on the median household income required to make a monthly payment for a median-priced home from the beginning of 2000 through October, using a 10 percent down payment and the average 30-year fixed mortgage rate for each month.



    Click link to read the rest!

  2. #2
    where de crix Oneshot's Avatar Oneshot is offline
    Join Date
    Apr 2003
    Location
    Brick City, NJ
    Posts
    24,667
    Credits
    40,139,677
    most people who live in those areas dont work in those areas, they work in city right?

    and besides i thought you would be happy it is all part of the fed fueled "recovery"

  3. #3
    Registered User trinifrombx is offline
    Join Date
    Nov 2005
    Location
    NYC
    Posts
    4,121
    Credits
    40,587,353
    Quote Originally Posted by Oneshot View Post
    most people who live in those areas dont work in those areas, they work in city right?

    and besides i thought you would be happy it is all part of the fed fueled "recovery"
    I don't follow you, just because work in Manhattan don't mean your are making money, far from it.
    a more correct statement is that the young whites where priced out of Manhattan or for $2000 a month they can get a lot more rooms vs the one bedroom they were sharing in Manhattan.

    I have mixed feeling about it, upset that Blacks didn't capitalize or saw the vision to buy up a lot to these properties around Franklin Ave, most now are priced out.
    The Whites now looking at me like what I am doing here, lol, I have a condo across the street from the Brooklyn Museum, but I feel it for a lot of us.

  4. #4
    Boonoonoonoos jamaicangirl's Avatar jamaicangirl is offline
    Join Date
    Aug 2007
    Location
    New York
    Posts
    6,827
    Credits
    11,633,899
    Quote Originally Posted by trinifrombx View Post
    I don't follow you, just because work in Manhattan don't mean your are making money, far from it.
    a more correct statement is that the young whites where priced out of Manhattan or for $2000 a month they can get a lot more rooms vs the one bedroom they were sharing in Manhattan.

    I have mixed feeling about it, upset that Blacks didn't capitalize or saw the vision to buy up a lot to these properties around Franklin Ave, most now are priced out.
    The Whites now looking at me like what I am doing here, lol, I have a condo across the street from the Brooklyn Museum, but I feel it for a lot of us.
    I have a Jamaican friend that used to live there. I was surprised that there were so few Blacks. I remember when I was young it was very different.

  5. #5
    Registered User trinifrombx is offline
    Join Date
    Nov 2005
    Location
    NYC
    Posts
    4,121
    Credits
    40,587,353
    Quote Originally Posted by jamaicangirl View Post
    I have a Jamaican friend that used to live there. I was surprised that there were so few Blacks. I remember when I was young it was very different.
    Well, I have no idea where you live in NY, but one weekend, or weekday, get off at Franklin Ave train station and you can count the # of Blacks getting off, and mind you, half of them walking over to Bedford Ave to go to Medgar Evers College.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •