Posted on 06/23/2016 12:29:00 PM PDT by ChicagoConservative27
The most unaffordable place to live in the US is not San Francisco or Manhattan. It’s Brooklyn.
A person earning the average salary in Brooklyn cannot afford the average home there — even if he could spend his entire salary (and then some) on housing, according to a survey released Thursday by real estate firm RealtyTrac, which looked at home sales price data in 417 of the most populous counties in the US as well as average wage data from the Bureau of Labor Statistics. The second- and third-most unaffordable places in America are Marin County, Calif., and Santa Cruz, Calif. — both of which would also require the average wage earner to spend his or her entire salary and more to buy the median home in the area.
In each of these three cases, many people — priced out of Manhattan, San Francisco and San Jose — are moving from the pricey city center to Brooklyn, Marin County and Santa Cruz, respectively, which is pushing prices there up, says Daren Blomquist, vice president of RealtyTrac. Meanwhile, wages in those counties aren’t keeping pace with the home price appreciation, which makes these three areas the most unaffordable in the nation for residents looking to buy. (Note that the average home prices in Manhattan, San Francisco and San Jose are still higher than in Brooklyn, Marin and Santa Cruz, but so are the wages.)
(Excerpt) Read more at nypost.com ...
No, it’s my Texas neighborhood. It’s finally come to a head that we’re going to have to move. Four generations have lived here and it was supposed to be our final home. Property taxes have gone up 10% each year since we bought the family home. What used to equal 2 weeks’ income is now pushing 4 months income.
Our neighbors have bought some land and set up a double wide. They are staying here as long as they can manage but know they’re going to be moving into the double wide before long and putting this house on the market. Another neighbor has bought an RV so they will just travel in it when they can no longer afford the taxes. We used to know all the neighbors and had neighborhood pot lucks but almost everyone has sold out.
The average household size in the New York City metro area is 2.5 people. I think the national average is somewhere around 2.65. This number was greater than 3.00 up until around 1973.
You folks need to fight and get something like prop 13 passed in Texas, with no state taxes in Texas seems they are screwing you with property taxes instead!!!
Actually earthquakes, drive the prices down in the fault line areas that are hit, and conversely drive the prices up in areas not impacted by the quakes.
Ping!
Taxes in Texas SUCK. We are being driven off our land by property taxes! Where I live (Galveston county) just bout everyone is being taxed to death by property taxes. I am going to vote against every incumbent in Texas this election. The GOP in Texas have screwed this state up. Tax tax tax, surcharge surcharge surcharge, screw the GOP in Texas.
Haven’t we known that a long time?
The Dodgers left years ago
That is what has happened in NJ, though with job losses in recent years people are now stuck with high-tax homes nobody wants. Any new buildings seem to be apartment/condo type worker bee hives; detached single-family homes sit empty because nobody wants the property tax bills.
I don’t see any way this turns around.
Be careful; here in NJ people accepted those tax increases while good jobs were plentiful and now are stuck (and those jobs are gone). The public employee caste never contracts/makes do with less; once they’ve attached themselves to a host they are there forever. Here in NJ every departing company meant more and more of the costs being passed on to homeowners, and now there are vacant homes with no takers.
Property taxes in much of NJ are basically a rent payment on top of your mortgage payment every month...
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