Upstater

It’s official: Brooklyn is now the least affordable place to live in the country, beating out NYC and even San Francisco. Bloomberg reported that in order to make payments on a home priced at the median $615,000, Brooklyn denizens would need to set aside 98% of the median income. And, to us, that sounds nuttier than a Christmas fruitcake. There are many reasons for this. Daren Blomquist from RealtyTrac was quoted in the article as saying, “Incomes have not grown nearly as fast as home prices [in areas that saw a decrease in affordability]. That disconnected home-price growth has been driven by investors and other cash buyers who aren’t as constrained by income.” Furthermore, there are certainly still enclaves of Brooklyn with comparable lower real estate prices than, say, Boerum Hill or Park Slope. But when you combine all the numbers from all the areas together, Brooklyn comes out on top…er, bottom, depending on how you look at things. If you’re one of those types that starts to sweat when downstaters move into town, best gird your loins. They’re coming whether you like it or not, so embrace their arrival as part of the change that is inevitable, and, let’s face it, acting territorial about your upstate city, town, or village only makes you sound like one of those “hey you kids, get off my lawn!” types (i.e. bitter and stubborn). And if you own property in Brooklyn, better sell before the bubble bursts.