Housing Affordability Statistics for Kings County, New York

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Home Affordability Trends for Kings County

Kings County, New York, includes the cities of Brooklyn, Manhattan, The Bronx, Staten Island, and Queens. The county has a population of around 2.5 million. Kings County showed some of the smallest year-over-year price increases in the nation at less than 10 percent, with homes are slightly more affordable than their historical averages.

Latest Housing Affordability Highlights for Kings County, New York

ATTOM’s affordability index data provides quarterly updates on home affordability trends for counties nationwide. The data shows where home price appreciation is outpacing wage growth, including the annual income typically needed to buy a home. The statistics are key points of reference for property investors.

Here are the latest data highlights from ATTOM’s Housing Affordability Index for Kings County, New York.

New Borrowers

Wages

Compared to the rest of the United States, the greatest percentage of wages are required to own a home in Kings County at close to 80 percent.

Financial Services

Prices

However, Kings County showed some of the smallest year-over-year price increases in the nation at less than 10 percent.

Financial Services

Affordability

The affordability index for Kings County shows that home are more affordable than the historical average as price increases are slowing.

Map data ©2021 Google

Housing Affordability Index Summary for Kings County, New York

Homeownership in this county is expensive. Compared to other counties in the nation, owning a home in Kings County requires the greatest percentage of annualized local weekly wages.

However, Kings County recently showed some of the smallest year-over-year price increases in the nation at less than 10 percent. In 2005, the median sales price for a home in Kings County was around $388,000. Currently, the median sales price is $920,000, an increase over the long term of almost 240 percent.

Annualized wages in 2005 in Kings County were around $36,000 and are now around $55,000, which is less than a 50 percent increase.

The affordability index for Kings County is currently around 140 and shows a year-over-year improvement of 12 percent. An index of more than 100 is considered more affordable than the historical average.

ATTOM’s housing affordability index for Kings County, New York, analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM and average wage data from the U.S. Bureau of Labor Statistics.

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