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Wow, I thought there would be many more of the $100k+ areas. I guess it is individual rather than household.
No, it is 'household'.
How does this alledged household income support rents & sale prices at todays levels??
The dirty little secret is that many people are in tens & thousands in credit card debt just so they can have the NYC experience which in 2007 is completely overrated. You have the same stores & the same types of jobs all across the country.
Rent stabilization helps a lot of renters who otherwise wouldn't be able to afford the market. There are also a huge number of people living in public housing (400,000 or about 5% of the city's population) and there are a good number of other types of subsidized housing (section 8 & the like).
For buying property, a lot of houses have illegal apartments that allows the owner to afford the mortgage. Think of all of the 'illegal threes' all over Brooklyn, Queens, the Bronx, and Staten Island. A huge percentage of basement apartments being rented out are not legit and usually taxes aren't being paid on it as a result.
Yes, the map seems fairly accurate. It's no secret that there is such a disparity in income in New York City. NY leads by far.
In Manhattan, the disparity was especially wide. The wealthiest 20 percent of Manhattanites made nearly 40 times more than the poorest 20 percent — $351,333, on average, compared with $8,855, a bigger gap than in any other county.
Even so, Manhattan’s wealthiest were outdone by residents of suburban Fairfield County, Conn. There, the top fifth made $362,103, and the top 5 percent earned $746,726. That compared with $710,116 for the top 5 percent of Manhattan earners and $415,442 for the top 5 percent in the New York region as a whole — also the highest of any major metropolitan area.
- NY TIMES.
Last edited by SaintLaurent; 09-10-2007 at 01:39 PM..
Southeast Queens (mostly pink and red) is about right. The Black middle class at work!
Even in Southeast Queens there is serious economic disparity. In the South Side of Jamaica, some blocks appear to be solid working class, go a few blocks down and you are in a ghetto mess. Especially around the main strips and the projects. Plus those pockets here and there that make the South Side overall undesireable.
Hollis isn't in as bad a hole as the South Side Jamaica although it does have it's rough edges and Cambria Heights is pretty much middle class.
Southeast Queens (mostly pink and red) is about right. The Black middle class at work!
Word. I'd buy there in a heartbeat.
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