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These days, finding an affordable place to live in the Brooklyn area can be challenging. Home prices in Brooklyn are now at a median cost of $1,035,152, higher than the New York average of $610,895.
The average cost of rent is $1,954/mo in Brooklyn, primarily driven by the current value of real estate in the Brooklyn area. In Brooklyn, 70.50% of households rent, and 45.41% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Brooklyn is $7,551 per month. Households that rent pay about 25.87% of their income on rent here. Brooklyn’s most expensive areas are in the northwestern regions, while the cheapest areas are in the eastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- New York, NY: less expensive homes
- Jersey City, NJ: less expensive homes
- Hoboken, NJ: less expensive homes
- Queens, NY: less expensive homes
- Bayonne, NJ: less expensive homes
- Manhattan, NY: equally priced homes
- Weehawken, NJ: less expensive homes
- Union City, NJ: less expensive homes
- West New York, NJ: less expensive homes
- Guttenberg, NJ: less expensive homes
Cities with Similar Populations
- San Francisco, CA: higher priced homes
- San Mateo, CA: higher priced homes
- Seattle, WA: less expensive homes
- San Diego, CA: less expensive homes
- Santa Barbara, CA: higher priced homes
- San Angelo, TX: less expensive homes
- San Pedro, CA: less expensive homes
- Santa Maria, CA: less expensive homes
- San Ramon, CA: higher priced homes
- Scottsdale, AZ: less expensive homes
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