Nov. 3, 2019 By Allie Griffin
Brooklyn is the third least affordable county in the nation for renters in large population centers, according to a report released last week by a business research group.
The borough, also known as Kings County, comes in at number three on AdvisorSmith’s list of the least affordable counties for renters in counties with a population of more than 500,000. Brooklynites spend about 40 percent of their income on rent.
Brooklyn has a median household income of $61,220 and an average household size of 2.62 inhabitants, according to the report based on data from the U.S. Census Bureau and U.S. Department of Housing and Urban Development. The borough’s weighted median rent is $2,035.58 per month, indicating that residents spend 39.9 percent of their income to pay their rent.
Brooklyn isn’t the only New York borough to make it on the list of the 50 least affordable counties with a population of 500,000 or more.
The Bronx is the number one least affordable county in the nation with residents spending more than 65 percent of their income on rent and Queens ranks eighth with residents spending 36 percent of their income on rent.
The Bronx beats its runner-up in least affordable counties by almost 25 more percentage points in rent burden. Residents of the northernmost borough earn a median household income of $38,467 and pay a weighted median rent of $2,066.66. They spend 64.5 percent of their income on rent, with less than 40 percent leftover to pay for other necessities.
The top 100 least affordable counties for renters out of the 827 counties analyzed in the study are all within the states of New York, Florida, California and Massachusetts.
Miami-Dade County, Florida which includes the cities of Miami, Miami Beach and Hialeah is the second-least affordable county among large counties, placing in between the Bronx and Brooklyn. Its residents spend 40.6 percent of their income on rent. Their median household income is $52,205 and the area’s weighted median rent is $1,764.40 per month.
To read the full report, click here