Brooklyn Dubbed Most Expensive Place to Buy a Home in America
Brooklyn’s hipster may soon be relocating to one of the Big Apple’s other four boroughs.
The borough, known for its beautiful and historic brownstone apartments, rich culture, food, and of course hipsters, has the nation’s highest real estate values and has been named the most expensive housing market in the U.S.
According to RealtyTrac’s recent survey, a Brooklyn homeowner would be required to devote a whopping 98 percent of their median income just to afford an average priced home starting at a cool $615,000. San Francisco came in second, with Manhattan coming in third. Many find this ironic, considering Brooklyn was considered a haven for those seeking refuge from Manhattan’s sky high real estate values. Not anymore.
Luckily, America still has plenty of affordable real estate markets, making buying in this housing market, a smart move. The heartland’s real estate values have remained surprisingly affordable, especially the Texas housing market. The Lone Star’s state population has swelled post-recession, with potential home owners seeking the affordable houses as well as high-paying jobs.
Texas affordable real estate market trends are a relief from the high costs of metropolitan areas, allowing home owners to get more bang for their buck in terms of luxury real estate.
However, millennials are still flocking to the nation’s coastal metropolitan areas in droves, seeking ways to kickstart their careers. While home ownership may be out of the picture for some time, renting is a viable option for young college graduates.