Tuesday, May 29, 2007

Renters and Owners in NYC

Here's some stats I found interesting:

Monthly housing costs for owner-occupied homes and apartments with a mortgage consumed about one-third of the median income in Brooklyn, the Bronx and Queens in 2005 — a higher percentage than in all but four counties in the country. Manhattan homeowners spent about one-fifth of their median income.
This is from a NY Times article this past Sunday, about the rising levels of home ownership in New York City: In a City Known For Its Renters, A Record Number Now Own Their Homes.

Though one might expect Manhattanites to spend the most on housing, the numbers kind of make sense-- although the prices of homes in Manhattan tend to be much higher, Manhattan is where the super-rich people tend to live. In other words, the kind of people who still have money to burn even after paying for a penthouse on 5th Avenue. The outer boroughs have plenty of wealthy people too, but there is more of a shift towards the middle class. Who are, as usual, under a heavy burden when it comes to paying for the lifestyle they've been told they should feel entitled to.

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