It’s no surprise that prices for single family homes in Bed Stuy have risen dramatically over the past decade, but a new analysis from the Washington Post throws the numbers into stark relief.
Tripling in value in the past decade, home prices in Brooklyn’s 11216 zip code — which covers the third of Bed Stuy closest to Clinton Hill and also about 40 blocks of Crown Heights — has increased 194 percent since 2004. That’s the largest gain out of any area in the country’s 300 largest cities.
The median price for a single-family home in the nabe is now over $1 million, even though the area’s median income is only about $44,000, according to the Washington Post. This is due in part to lower-income residents who bought their homes long before the relatively recent price boost. And the eye-popping increase in their home’s value is sure to benefit them, though renters may eventually get displaced by rising prices.
How do other Brooklyn neighborhoods stack up? According to the Washington Post’s interactive map, practically every nabe in Brooklyn saw an increase of more than 40 percent for single-family homes since 2004.
But here are a few more details broken out by zip code:
- Dumbo, Brooklyn Heights, and Downtown Brooklyn (11201) saw an increase of 132 percent, with homes worth $1,799,979 more than they were worth in 2004.
- Red Hook, Carroll Gardens, and West Gowanus (11231) had an increase of 160 percent, with homes worth $1,1443,808 more than they were worth in 2004.
- Park Slope and South Slope (11215) had an increase of 148 percent, with homes worth $1,383,638 more than in 2004.
- Brownsville (11212) had an increase of 94 percents, with homes worth $205,568 more than in 2004.
- The west half of East New York (11207) had an increase of 95 percent while the eastern half of East New York (11208) had an increase of 83 percent, with home price gains of $229,009 and $204,374 respectively.
[Source: Washington Post]
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