The Brooklyn real estate market has recently been dubbed ‘staggeringly unaffordable’.
When people think of Brooklyn, typically hipsters, expensive coffee, and thrift stores come to mind. Things have obviously changed however, because relative to income, the borough of Brooklyn has become the least-affordable housing market in the US.
Dates from RealtyTract, states that Brooklyn is the least affordable, with San Francisco and Manhattan coming in at second and third, respectively.
The biggest reason for this change is the over-saturation of the real estate market in Manhattan. Many new buyers have come from overseas, so much so that 30% of new condo sales come from people who don’t actually live in the city. This has pushed other buyers into Brooklyn, so much so that a record-breaking brownstone in Park Slope recently went for $10.78 million.
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As the city changes and grows, all the boroughs are likely to see shifts in the market, with some booming like Brooklyn, and others falling by the wayside as low-income families are pushed farther out. Still, is isn’t entirely impossible to get something affordable in Brooklyn, as the following listings prove.
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