Brooklyn Named The Least Affordable Place To Buy A Home

December 22, 2016

Brooklyn has become an exceptionally popular place for young adults. They must all be renting, unless they're making big bucks.

Through research from real-estate data firm ATTOM Data Solutions, MarketWatch found that the New York City borough was America's least affordable place to buy a home. A person making an average salary would have to spend 127.2 percent of his or her income to afford the median home in Brooklyn, which costs more than $700,000. 

Other places where adults with average incomes would have to pay their entire salary towards a home include Santa Cruz, Calif., Marin County, Calif., Summit County, Utah, and Manhattan.

Brooklyn has earned the No. 1 spot on this list for 15 straight quarters. Housing affordability and wage growth is a concern nationwide, as 29 percent of markets were found to be less affordable than their historic norms.

“Rapid home price appreciation and tepid wage growth have combined to erode home affordability during this housing recovery,” says Daren Blomquist, senior vice president at ATTOM Data Solutions — and “the recent uptick in mortgage rates only accelerated that trend in the fourth quarter.”

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