New York City ranks as most unaffordable city this past July
Despite 18 months of doomsaying and predictions of the City’s decline, New York City is the least affordable housing market in the country, says a new report by RealtyHop.
“With median real estate asking $988,000, a family in New York City would need to set aside 84.7% of their annual income to own,” says the report, which analyzes RealtyHop data alongside comprehensive U.S. Census data to calculate averages in housing cost and income.
Los Angeles, California, with a median asking rate of $945,000, had for a while been the least affordable city in the country; New York City’s economic recovery, however, means it has now taken L.A’s place.
Nuances in price obviously exist in the City from borough to borough. Manhattan, as expected, is the most expensive borough, with an asking price of $1,425,000; the Bronx, at $559,000, is the cheapest. Brooklyn, Queens and Staten Island are second, third and fourth, with prices at $950,000, $699,000 and $649,000, respectively.
Landlords, homeowners and developers may rejoice at this news – for everyone else, however, it means rising rents, gentrification, and everything else that New York City promised before the pandemic, when it was, according to so many, thriving.