Stuck in the Middle
An article in this week’s Crain’s looks at how real estate prices and taxes are making the city increasingly unaffordable for the middle class. The rising cost of housing, in particular, has meant that families making between $80,000 and $150,000 a year are finding it more difficult than ever to make ends meet. Higher real…
An article in this week’s Crain’s looks at how real estate prices and taxes are making the city increasingly unaffordable for the middle class. The rising cost of housing, in particular, has meant that families making between $80,000 and $150,000 a year are finding it more difficult than ever to make ends meet. Higher real estate costs in Brooklyn, for example, have put the borough out of reach for many middle-income earners. A person profiled in the article who makes $60,000 a year looked all over Brooklyn before deciding to rent in Astoria. “Five years ago, [landlords] in Park Slope would have come to you,” he says. Interestingly, the story also notes that the city’s recent prosperity has contributed to a widespread sense of entitlement, thus making people believe that their incomes should stretch farther. “People used to squeeze kids into one bedroom; now everybody thinks every kid should get his own bedroom,” says Nicole Gelinas, a fellow at the Manhattan Institute.
Unaffordable NY: Tough Choices at $150,000 [Crain’s]
Photo by ultraclay!
South Bronx
If I wanted to stay in the city, I’d rent and save and wait. If you don’t then why are you even reading this site. Start your own site called “The Aluminium Siders” or “Rural Rocks” (i dunno).
If you do want to stay in NYC, it’s much easier to look where you live, you are establishing ties, and learning about different areas while you rent. If you don’t have a good dependable income stream, save as much for a downpayment as possible. Bay Ridge, LIC, Astoria, Gravesend (for the openness and proximity to the Beach) are some of my favs. It’s all in the planning as someone said previously. Good Luck.
Ahhh, the realtors are out. Thanks for the leads
“Where in NYC can a middle class household earning 150K find a home for $500K?”
Canarsie
Ozone Park
Bushwick
Gravesend
Ridgewood
Bensonhurst
Jackson Heights
Ocean Hill
Springfield Gardens
Spring Creek (East New York)
Flatlands
Dyker Heights
Georgetown (Canarsie area)
12:03 – Bay Ridge, Sheepshead Bay, Kew Gardes, Jamaica, Queens Village, Canairse, Hollis, Kensington, Windsor Terrace, Etc, Etc. Even the “Coop of the Day” was a nice 1,000 sq foot coop for 400K near Prospect Park.
Oh, but I imagine these palces are not really what you are talking about right? You want a 500K place that is huge and close to Manhattan in an upscale neighborhood, with good schools and easy access to the subway i’ll bet. But with a few sacrifices, anyone can afford to live here, just not in every single neighborhood – sorry.
“10:51 and 10:54- where do you come from? It is pretty depressing to see people like you taking over this city and telling middle class people that they have no right to live here and no right to even bemoan the fact that they can’t afford to live here.”
I’m 10:51, and I come from Brooklyn, New York. I was born and raised in East New York, and now own a house in Crown Heights. I’m not from a rich family, just middle class. My Dad was a correction officer and my Mom a teacher). I’m not a Wall Streeter, lawyer or trust funder. Just a guy who worked hard, put himself through school, got a partner, rented and saved for years and finally bought a home in my hometown. I’m not telling anyone to move to the suburbs – that’s up to them. I’m just saying they can still rent or even buy in Brooklyn if they take the right approach. You need to stop complaining, grow up and face reality. Anything is achievable if you have a plan, motivation and determination.
Its easy:
“unaffordable places WAS affordable”
should be
“unaffordable places WERE affordable”.
You’ll get the idea soon enough. Just work on identifying singular vs plural.
A household earning 150K, at the suggested 35% of income going toward housing, should be spending $3,300/month.
If they want to buy a house they’d have to find one for 500K.
Where in NYC can a middle class household earning 150K find a home for $500K?
OK, brokers that troll this sight, it’s time for you to address this issue, since you and your greedy clients are too blame.
“I hope it’s you getting skullfucked when the crash happens.”
Like, WHEN is it going to happen? First you say it WILL happen, then you say it IS happening, then you say it HAS happened. I get the feeling that you are not quite sure of the timing on this cataclysmic event. Nail down a date.