NYC’s housing market is the biggest in the country, and in the first six months of 2018, the city has seen a record amount of new listings of rental units, according to an analysis of data from real estate analytics firm RealtyTrac.
According to the report, there were more than 4,400 listings of rentals in New York as of April 30, 2018, up from 3,100 in the same time frame last year.
The average rent for an apartment is $2,716, up 2.5% from last year and up more than 50% from 2016.
In the past six months, there have been an average of nearly 11,300 listings of homes for sale in the city, up almost 70% from the same period last year, according the report.
The most affordable housing market in the United States is located in Brooklyn, where rents are around $1,200 per month, or about $7,000 per year, per household, according RealtyTrac.
At the other end of the spectrum, Manhattan’s median rent is $1.849 per month for a three-bedroom apartment, or $23,000 a year.
In terms of rents for individual units, Brooklyn and Manhattan are both among the top five most expensive markets, according to the report by Realty Trac, with rents of $1 per square foot in Manhattan and $1 for every square foot of square footage in Brooklyn.
In Brooklyn, a two-bedroom unit for $1 million can be had for $3.4 million in the median market, according To Realty, while a one-bedroom for $2.8 million can fetch $5.6 million.
The average income for an individual living in Brooklyn is $75,000, which is higher than the national median of $71,500.
However, it’s only slightly higher than Manhattan’s $76,000.
In Manhattan, the average income is $81,200, with the median income $77,400.
Brooklyn’s median income is also significantly higher than that of New York, where the median is $53,200.
As for renters, New York’s median home value is $7.3 million, with a median home price of $2 million, accordingto Realtytrac.
Manhattan’s home value per square footage is $3,000 higher than Brooklyn’s, and it’s about $1 higher than New York.
Brooklyn is also the only city in New Jersey that’s more expensive than Manhattan, according with a home value of $8,400 per square feet, or roughly $19,400 in New Orleans.
The other biggest city in America is San Francisco, with an average home value for a household of $93,900, according Realestate.com.
That compares to a median of just $58,400 for a family of four in San Francisco.
In comparison, a typical family in New England, the New York metropolitan area, spends just $51,200 annually, according TO Realestate, the highest average home price in the nation.
In San Francisco and New York city, rents are up more by an average 25% and 17% respectively.
But they are still below the national average of more than 28%.
The report comes as the market continues to struggle with an unprecedented number of new construction projects, including the building of a new $1 trillion hotel-casino in Las Vegas, which was designed by the Trump Organization, which has struggled to make ends meet due to the economic downturn.
New York Mayor Bill de Blasio has said the city is making good on a promise to create millions of jobs, but he also says the city’s affordable housing crisis is an issue that will take years to overcome.
A spokesperson for de Blasio said the mayor is aware of the reports and is focused on working with the city to get more affordable housing units built.
“This is something we are working on, but it’s something that we can’t have the government doing,” the spokesperson said.
“It’s one of the things that makes this so frustrating.
I am hopeful that the mayor will address this soon.”