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I think it's a case of people from Manhattan and Brooklyn who think $1500 is cheap, so they hop right on those "cheap" rents.
And the Bronx has a large population of Mexican and Dominican immigrants, I'm guessing many of them have large household sizes to make up for the high rents.
I agree with Bluedog's prediction about the seismic shift in income and ethnicity. I also think that the 2020 census will show a smaller Puerto Rican population and a larger Mexican population than in 2010.
Although most Bronx neighborhoods still have very few whites, it seems like more white people these days are open to living in The Bronx.
The rent situation is bogus. For me to pay less in rent, I'd have to move so far out at this point. I only look at buying now, except on the Essex Crossing lotteries.
This is why I bought. Believe me, I don't relish long commutes. There are many communities I would rather live. But I have to cough up money for TWO bedrooms on ONE income. I also need as much convenience as possible since I'm not willing to cough up an additional $400 a month to have a car.
[quote=RadeonHD4250;51469922
I would have never known about this hidden "gem" if it weren't for a late night Grindr "cuddle date".[/QUOTE]
Did you actually have a cuddle date or were you just being delicate. I ask because I actually know someone who has a certification in cuddling; it's actually a thing. They even hold cuddle (or hug) parties. It's totally non-sexual.
Did you actually have a cuddle date or were you just being delicate. I ask because I actually know someone who has a certification in cuddling; it's actually a thing. They even hold cuddle (or hug) parties. It's totally non-sexual.
Not really. If your plugged into the light worker community (yoga is one component) you would have heard of it. And it makes sense. People need human touch for optimal happiness and not everyone is in one, or wants to be in a relationship.
I've been closely watching the rents in the Bronx for a while now, and it's clear that the market is out of whack. You have rents in some of the worst areas of the Bronx now matching the best parts. For example, this studio is going for $1300 in Highbridge:
Meanwhile there's a one bedroom in Pelham Gardens for the exact same price:
This one is going for $1400 in a sketchy part of the Grand Concourse:
Meanwhile this one is in Morris Park at the same price:
So I've been wondering about a few things...
1. How did some of the worst neighborhoods in the Bronx become MORE expensive than the safer ones?
2. Rents in the Bronx have been skyrocketing, but yet incomes supposedly haven't gone up much, so who is paying these rents? Where are they getting the money from??
Also.. is the situation any more out of whack in The Bronx than it is in the rest of NYC ? I believe the median income for the whole city is in the very low 50's but average city wide rents are well over 3,000. Are the ratios less bizarre ? Or More ?
Even in Manhattan, the median income is 64,000 and the average rent is 4,000..... by the 40x rule incomes should be 160,000 but they are not.More out of whack than the Bronx. So incomes are double in Manhattan what they are in The Bronx but rents are 2.5 x higher.
Brooklyn has a median income of 45,000 with an average rent of 2,800.... by 40x incomes should be 112,000.Roughly 50% higher incomes than The Bx but rents are 70% higher.
With a median income in the low 30's average Bronx rent is 1,700.
None of this makes makes any sense but actually The Bronx numbers are still saner than the rest of the city !
Probably the only place not out of whack is SI with the highest median income in the city but with the lowest rents. Median income of over 70,000 with average rents of 1,500 !!! That does make sense.
Also.. is the situation any more out of whack in The Bronx than it is in the rest of NYC ? I believe the median income for the whole city is in the very low 50's but average city wide rents are well over 3,000. Are the ratios less bizarre ?
Even in Manhattan, the median income is 64,000 and the average rent is 4,000..... by the 40x rule incomes should be 160,000. More out of whack than the Bronx. So incomes are double in Manhattan what they are in The Bronx but rents are 2.5 x higher.
Brooklyn has a median income of 45,000 with an average rent of 2,800.... by 40x incomes should be 112,000.Roughly 50% higher incomes than The Bx but rents are 70% higher.
With a median income in the low 30's average Bronx rent is 1,700.
None of this makes makes any sense but actually The Bronx numbers are still saner than the rest of the city !
Yes, but the Bronx has seen rents go up the most, so when you consider that and how many people are living here, I would think they would have to qualify for the 40x the rent rule to get in.
So the median rent in the Bronx is now $1700?!? Wow... If you go back to 2011 or 2012 you could find apartments for $800-900. That's over a 50% increase in about 6 years!!
Yes, but the Bronx has seen rents go up the most, so when you consider that and how many people are living here, I would think they would have to qualify for the 40x the rent rule to get in.
So the median rent in the Bronx is now $1700?!? Wow... If you go back to 2011 or 2012 you could find apartments for $800-900. That's over a 50% increase in about 6 years!!
Ya but they are nowhere near the 40x rule anywhere else either...except for S.I.
What you point out simply means that for many years The Bronx was very undervalued compared to the rest of the city, the market finally realized that it was undervalued compared to the rest of the city and market forces quickly started bringing it more into balance. That's all.
As I pointed out in other past threads these types of changes always shock natives the most. They grow up with too many preconceived notions of the situation in neighborhoods and boroughs that makes it impossible for them to admit that things have changed. They are convinced that they are the ones who know their city based on 1980's and early 1990's television news.By the time they figure it out it's too late because transplants devoid of preconceived prejudices have already swooped in and ensconced themselves in the no go zones. NYC natives just walk around shell shocked in disbelief. Like WTF happened?
Last edited by bluedog2; 03-31-2018 at 12:59 PM..
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Don't know why I'm banging my head against the wall when you nailed it in the beginning !
