Money Magazine, a publication under Time Magazine, just published an article on the top 15 least affordable counties for millennials to rent or purchase and the Bronx tops the list for renters and places purchases at number 4 on the list. This shouldn’t come as a surprise as we just reported days ago that a listing in the South Bronx neighborhood of Port Morris in the Clocktower building is asking $1,775 for a 1 bedroom loft and $2,500 for a 2 bedroom loft.
The data in their article comes from a recent report by RealtyTrac, which provides comprehensive housing data and analytics for the real estate and financial services industries…”
“When it comes to least affordable counties to buy a house, four of NYC’s five boroughs take up almost a third of the list, with Manhattan (New York County), Brooklyn (Kings Country), the Bronx (Bronx County), and Queens (Queens Country), each “earning” a spot.
In terms of renting, the picture changes—but only slightly. Bronx county is the least affordable of the nation’s millennial-heavy areas, not because three-bedroom rent—averaged at about $1,850 a month—is particularly expensive, but because median incomes are relatively low. In 2014, the median Bronx household is estimated to make only $32,891.”
Read the rest over at Money:
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