Why the housing market in Brooklyn is so expensive
The cost of housing in Brooklyn has soared nearly 20 percent since last year, to $2.3 million.
The average Brooklyn home costs nearly $1 million, according to Zillow, a real estate data company.
Brooklyn is also among the top-cost cities in the country.
The real estate boom in Brooklyn and Queens is driven by a number of factors, but one of the more noticeable is the rapid rise in the median home price.
The median home in Brooklyn now costs about $1.9 million, while it cost $2 million in 2013, according the Census Bureau.
The gap between the two is the largest in the nation.
The median home cost $1,534,834 in 2017, according Zillock, down 8.3 percent from the year before.
Brooklyn’s median home value is about $2,100,000, up 5.3 percentage points from 2017.
The city’s median rent is about 1,900 dollars a month, up 6.5 percent from 2017, while the median price of a home in Manhattan is about 4,000 dollars, up 7.3 points from 2016.