Today, more than 20% of the city’s population lives in the Bronx, the city with the highest median household income in the United States.
But when it comes to home prices, it’s a different story.
As the New York Times recently noted, the Bronx has a median home price of $2.7 million, which is the highest in the nation.
The average home value in the borough is $2,842, a price that is almost half the national median home value of $3,934.
What’s more, the borough’s median annual household income is $30,000.
And with median home values of over $2 million, it seems like there’s little reason for residents to live here.
In fact, the most affordable neighborhoods in New York are the ones where homes are priced the most expensive, according to real estate analytics firm Zillow.
“The Bronx, which has one of the lowest median incomes in the country, has some of the most unaffordable housing in the city, particularly compared to other high-income neighborhoods in Manhattan,” said Zillows founder and CEO, Dan Sperling.
In other words, when it came to living expenses, residents of the Bronx were going to be paying the highest price in the US, according the real estate website.
Housing in the East Village and Upper West Side are often in a far better state of repair than the Bronx.
The East Village, where the median home is valued at $1.2 million and median home prices are well above the national average, has seen a rapid decline in home prices over the last few years.
In 2011, home values dropped by more than 30% in the neighborhood, according Zillys.
In 2017, the median value of homes in the area declined by nearly 10%.
The trend is not unique to the East, though, as a survey of the five boroughs shows.
In 2016, the East Bronx experienced the largest decline in homes values in the entire region, with home values dropping more than 26% from the previous year.
In comparison, prices dropped 7% in Queens and 6% in Brooklyn.
“These neighborhoods are home to a significant number of low-income residents, and they are experiencing a housing crisis,” said Sperlings.
In the past decade, the number of people living in poverty in the City of New York has nearly tripled, from 16% to 32%.
But in the last five years, the average price of a home in the U.S. has increased more than 50%.
“When we look at median home-price increases, we see that we are seeing a very high housing crisis in New Yorkers,” Sperlis said.
“People are seeing their incomes decrease, and it’s driving up their home values.
The problem is, if you look at these numbers, we are paying a very, very high price for homes.”
The problem for people in the neighborhoods that have experienced the highest increase in housing costs is that they are also the ones who are struggling to make ends meet.
The median home in East Village is valued just $1,200, according Sperls analysis.
And for people living below the poverty line, the cost of a one-bedroom apartment can top $2-3,000 a month.
The Bronx is the most overpriced neighborhood in New America.
In order to live comfortably, residents must live in two-bedroom units.
In Queens, two-bedrooms average $1 a month, and in Brooklyn, they are $2 a month according to Zillos survey.
In East Village alone, there are seven apartments for sale for more than $2M.
In Brooklyn, the list of two- and three-bedroom properties for sale includes two that sell for over $4M, according a report from RealtyTrac.
“It’s really not just the housing,” said Kari Stearns, executive director of Housing Works.
“We’re also seeing the cost to people living on the street.
If you go into a neighborhood that has a really high income, there is a higher cost to live there, especially if you live in a neighborhood with a high concentration of homeless people.”
While New Yorkers may be looking to downsize, there’s one place they can do so: The East.
In an effort to create more affordable housing for people who are working and raising children, the mayor of the borough recently proposed the creation of two new communities for families.
The first is called the East West Village, and the second is called East Harlem.
While the proposed projects are designed to create affordable housing, the plan is being criticized by many as an attempt to make a profit.
And as of this month, it looks like that may be the case.
In May, the housing board approved a plan to demolish the East and West buildings, with the goal of building two two-story housing