Rents going up faster than incomes in BK, across the nation

Rents and housing costs are reportedly going up faster than incomes in Brooklyn and across the nation.According to a New York Times report, the U.S.

BROOKLYN - Rents and housing costs are reportedly going up faster than incomes in Brooklyn and across the nation.

According to a New York Times report, the U.S. Census Bureau recently released its American Community Survey. The survey shows housing costs all over the country shot up from 2000 to 2005, but during that time incomes stagnated. According to the survey, nearly a third of Brooklyn residents are spending at least 30 percent of their incomes on rent and mortgages.

The data in the survey was collected last year, before the real estate market began to soften. However, census officials say the slight decline in housing prices doesn?t translate to rents, which have gone up consistently since the 1990s.

Related Information:U.S. Census Bureau's American Community Survey

advertisement | advertise on News 12

Trending Video

Eligible Brownsville residents have until May 24 to 1 Housing lottery deadline in Brownsville quickly approaching
The Brooklyn Public Library unveiled its 2 Brooklyn Public Library gets 'wild' with new cards
3 VIDEO: Police precinct adopts cat as mascot
Two people were injured in a shooting Tuesday 4 Bed-Stuy bodega shooting injures 2 people
5 Word on the Street: Reserved mall parking

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE