Though we sometimes forget in our seven by seven microcosm, San Francisco is not the only city with prohibitively expensive housing. In fact, according to Bloomberg, 20% of all U.S. housing markets are “now less affordable than their historic average as price gains outpace income growth from New York to San Francisco.” The most unaffordable though is neither Manhattan nor San Francisco, but instead is Brooklyn, NY. The gallery above highlights the typical home the median home price can buy you.
Real estate data powerhouse RealtyTrac posits the findings of a recent survey of 475 U.S. counties as cautionary: Affordability—or lack thereof—is unsustainable long term, an “early warning sign of a possible home price bubble — where prices overinflate and eventually decline.” Based on RealtyTrac data, 12% of these counties now have higher median home prices than the peak of the 2005-2008 property bubble.
via Brooklyn vs. Oakland: once affordable alternatives, less affordable than ever – On The Block.