You’re going to need so much money if you want to own a home in Brooklyn

It’s been a little while since we talked about home ownership on the ol’ Brokelyn dot com, mostly because we figure most of you don’t make the $66,167.27 per year that you need to afford everything that goes into buying a home. And while we’re dipping out toes back in to the impossible dream of having a piece of property that’s yours and not your landlord’s, this might be the last time, it might be the last time, we don’t know. That’s because buried in a Daily News story about the insane down payments people are paying on average in New York City, we learn how much people are paying on average in Brooklyn. Want to compete with your fellow home buyers? The average down payment in Brooklyn is now $163,537. Hey, thanks complain-y real estate speculators.

It could be worse (it can always be worse), and the average down payment in Brooklyn could be closer to the astounding average NYC downpayment of $347,614, but we suppose that’s the only way to console yourself. The numbers in the Daily News story come from a report by RealtyTrac, which looked at the average down payment on a home across the entire US. Obviously things were more expensive in New York City and in Brooklyn, but it’s still no fun to learn that unless you have a briefcase full of cash attached to your wrist, you’re going to have to convince a bank to lend you enough money to add up to $163K if you want to own in Brooklyn.

With the average Brooklyn home going for $580,000 (lol), that’s a down payment of 28%, or double the national average. Cool, cool. As the News points out, the best markets for millennials to find low down payments are Nashville, Philadelphia, Des Moines, Little Rock and Columbus. And sure three of those cities have hockey, but Philadelphia is the kind of place that winds up with the DNC, Columbus’ franchise player was traded to the Rangers and Nashville…well maybe Nashville is fine but we’re still not leaving. We could use a little help with this fraudulent proof of income though, if anyone is a Photoshop wizard.

Leave a Reply

Click here to cancel reply.

Name (required)

Email (will not be published) (required)

Website

Notify me of followup comments via e-mail