According to StreetEasy, to afford a home in Brooklyn, a buyer needs a salary of $212,375 for the median asking price, or $95,063 for the lower third.
The required income was calculated based on keeping mortgage payments under 30% of total income and reflects a necessary 20% down payment with a 6.5% mortgage rate.
The median household income in Brooklyn is $74,692, which is significantly lower than the $95,063 required to afford homes in the lower third of the market.
A recent decline in mortgage rates has allowed buyers to afford homes with an income $1,857 less than required a year ago, offering some financial relief.
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