Over the past decade, Staten Island has witnessed a dramatic increase in property values, outpacing the growth of household incomes. An analysis conducted by The Advance/SILive.com using U.S. Census Bureau data from the American Community Survey highlights this troubling trend. As home prices rise, many local residents are finding it more challenging to secure affordable housing, leading to concerns about long-term economic impacts and the ability of families to sustain living in the borough.
The property values on Staten Island have surged far beyond the growth rate of household incomes, significantly complicating the affordability of homes for residents.
An analysis of recent U.S. Census Bureau data reveals a troubling disparity: while home prices are soaring, residents' income has failed to match this steep rise.
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