It’s official: Brooklyn is the most expensive place to live in the country.
Outpacing Manhattan and San Francisco, it costs 98% of the borough’s median income to afford a monthly payment on its median sales price, $615,000, according to data from the year 2000 through October 2015 compiled by RealtyTrac and reported by Bloomberg.
The sales market is mostly dominated by investors, both local and foreign, however, as 70% of the borough’s residents rent, according to Bloomberg.
But rental prices are also rising in Brooklyn. Its median sales price in the fourth quarter of 2015 was $2,630, up 2.1% from the year before, according to StreetEasy.