Brooklyn Is Now the Least Affordable written by Jacob Davidson

 The study gauges affordability by measuring the percentage of the locality’s median monthly household income that is required to make monthly payments on a median-priced home in the area.

This study was based on a study of 475 counties in the United States. The statistics I have read about other parts of the world is most of the US single family homes are currently still affordable as compared to the worst three markets I have read about. Hong Kong, Canada (Vancouver, Toronto and Calgary) and London are much less affordable than most of the United States. It appears I need to study more about New York because prices have risen so much in the last eight-teen months.
Gene Hoffman

Read More by Mr. Davidson.

 When RealtyTrac ran the nation-wide numbers in October, payments on a median-priced home required 26% of the average household income. In Brooklyn, by contrast, where the median home costs $615,000 and the median household brings in only $46,960, home payments take up about 98% of a regular family’s wages. That’s less affordable than Manhattan — and even than San Francisco, where half of all homes sell for $1 million or more.

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