Can you guess where the most expensive place to live in the U.S. is?
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If you guessed Manhattan or Los Angeles, you’re wrong. It’s Brooklyn.
According to a survey released by real estate data company ATTOM Data Solutions, the average salary in Brooklyn doesn’t cover housing costs.
The survey used information from home sales price data in the 414 of the most populated counties in the U.S. as well as average wage data from the Bureau of Labor Statistics. Santa Cruz and Marin County, California, are close runner-ups for most unaffordable places in America, coming in second and third. Both counties require the average worker to spend his entire salary and more to buy a home in the area.
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Senior vice president of ATTOM, Daren Blomquist, commented that many people who’ve been priced out of Manhattan, San Francisco and San Jose are moving to Brooklyn, Marin County and Santa Cruz, resulting in a price increase. Unfortunately, salaries in those counties aren’t keeping up with the fast pace changes happening in the area.
Throughout America, the typical worker would need to spend a little over 36% of his income to afford a home. This figure is higher than the government recommends. The U.S. Department of Housing suggests a maximum of 30% of your salary should be spent on housing or you could risk having difficulty affording everyday necessities.
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