While analyzing housing trends, we should not forget to keep in mind the changing dynamics of the real estate market. In this article, we will take a look at the affordability crisis in New York City, the skyrocketing home prices in Raleigh, and the net effective median rent in Brooklyn. We will also examine the price of a home in New York City in 2010.
New York City’s affordability crisis
According to the recent Census Bureau, New York City’s affordability crisis is getting worse. Overcrowding increased by 20% between 2008 and 2012, and 30% of households were spending more than half their income on rent. The city’s housing plan, dubbed Housing New York, aims to bring rents and incomes closer together by creating 80,000 new affordable units in ten years. But in reality, only 62,557 units have been built.
Raleigh’s skyrocketing home values
Home values are skyrocketing in Raleigh. According to Zillow, the Raleigh housing market could become the third-hottest in the country by 2022. Home values could rise by 24% over the next 12 months and top $450,000, according to the latest figures. In other words, if you’re planning to sell your Raleigh home soon, you should do so now. But before you do so, learn more about the Raleigh real estate market.
Brooklyn’s net effective median rent
The city’s rental market is experiencing a steady rise. According to the latest rental market reports from Douglas Elliman, net effective median rent in Brooklyn rose to its fourth highest level in December. New lease signings increased year over year for 16 straight months, and listing inventory declined at the fastest rate since 2008.
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New York City’s home sale price in 2010
While Manhattan may be out of reach for the majority of homebuyers, other boroughs are offering better prices for those on a budget. For example, Queens, which has a lower median home price, drew buyers away from the borough during the past decade, with its 7,219 home sales. Over the same time frame, East New York closed 5,030 sales and Borough Park saw 3,958 home sales.
Raleigh’s affordability index
If you’re thinking about purchasing a home in the Raleigh-Cary, North Carolina area, it may be useful to look at the city’s affordability index. The index uses data from the American Community Survey (ACS) to determine whether a particular market is affordable for current and future homebuyers. The Institute uses data from monthly mortgage rates and median household income to calculate an affordable loan value. Using the ACS data, the Institute calculated the inferred affordable mortgage value for Raleigh. That amount is the maximum amount a typical homeowner could borrow for a home loan.