Yay! Say it together…..We’re number one! We’re number one! We’re number one!
One in five U.S. housing markets are now less affordable than their historic average as price gains outpace income growth from New York to San Francisco.
Of the 475 counties analyzed by RealtyTrac through October, 98 areas weren’t as affordable compared with the average level for the period starting in January 2000, the Irvine, California-based data company said in a report today. Brooklyn, New York, where a resident would need to devote 98 percent of the median income to afford the payment on a median-priced home of $615,000, was the least-affordable market, followed by San Francisco and Manhattan.
Ugh. I guess it’s time to move to Queens.