Hoping to buy a home in Brooklyn someday? Dream on. According to a new report from the housing data and analytics service RealtyTrac, the borough is now the country’s least affordable place to buy a house, ahead of both Manhattan and San Francisco.
Realty Trac looked at 475 counties, comparing what percentage of the median income residents in each area would have to spend in order to buy a house at the median price. In Brooklyn, the median housing price is $615,000. Paying its mortgage would cost residents making the median salary nearly 98 percent of their earnings.
San Francisco’s housing costs are still the country’s highest—the median price is $975,000—but because the area's incomes are higher, the county is considered more affordable for its residents (though only a little—it would take 97.44 percent of the median income to buy there). Manhattan’s median house also costs significantly more than Brooklyn’s ($885,525), but again, the borough’s residents make more money.
Looks like many of us Brooklynites will continue renting for a while.