As home price growth speeds past income growth, housing in Manhattan is getting more expensive. Manhattan city commissioners will take their first look at a housing market analysis beginning at 5:30 p.m. Tuesday at 1101 Poyntz Ave. Meeting documents indicate six observations in the housing market analysis: Manhattan has a workforce housing problem. A worker has to earn $17.50 an hour or $35,000 per year to afford a two-bedroom house of safe and decent quality, plus utilities. There is a mismatch between what people can afford and what housing is being built. The median household income in Manhattan is $51,000, which, according to city documents, means that households can afford a $160,000 to $180,000 home. The median price for a new home is $329,000. Housing prices are increasing rapidly and the market is very competitive. The median sale price rose from $117,000 to $199,000, or more than 70 percent, since 2003, which is more than double the rate of increase for income.
Source: themercury.com – RSS Results in news of type article
