Brian Goodman / Shutterstock
This is a contributing article from Trulia
With all the celebrities, Wall Street mavens and foreign investors, you’re likely aware of the high-end market in Manhattan. But with Brooklyn getting pricier at a rapid pace, the booming borough could give Manhattan a run for its money someday.
Neighborhoods with million-dollar growth
Just four years ago, Bedford-Stuyvesant’s share of million dollar homes was a low 1.7 percent. Over four years, that small slice has grown to over half the neighborhood’s homes. Up 54.8 percentage points, seven-digit listings in Bedford-Stuyvesant now encompass 56.5 percent of the market.
Greenwood is number two in the million-dollar surge, growing from 8.4 to 56.7 percent since May 2012.
In Crown Heights, just over 50 percent of the homes are worth a million or more. Today’s market is overwhelming compared to four years back, when only 2.6 percent of properties in the neighborhood were that costly.
[Tweet “The share of million dollar homes in Bedford-Stuyvesant is now 56.5 percent”]
Greenpoint has held its fair share of costly homes for a while. Nevertheless, the number of million dollar homes has grown 47.1 percentage points in four years – from just under a third (29.2 percent) to over three-quarters (76.3 percent).
At number five, 56.9 percent of Borough Park’s homes are worth over a million. In May 2012, just 9.9 percent were at that mark — a 47 percentage point difference.
Brooklyn rentals
With so many million-dollar properties overtaking Brooklyn’s hottest neighborhoods, signifying massive home value growth, renting might be the only option for some. The share of affordable Brooklyn apartments, from studios to two-bedrooms, dropped 6.6 percentage points since last year.
The priciest neighborhood for one-bedroom rent is Vinegar Hill, where 90.7 percent of rentals cost more than $3,000 per month. Downtown/Dumbo is pricey, too, with 55.6 percent of one-bedrooms at that rate.
At third most expensive, the median rent in Brooklyn Heights for one-bedrooms is $3,000 per month.
Over half of one-bedrooms in Brooklyn are over $2,000 per month, and around 30 percent are over $2,500 per month. Even 15.1 percent of one-bedroom apartments cost a whopping $3,000 per month or more.
Only 2.2 percent of one-bedrooms in Brooklyn are listed over $4,000 per month. In Manhattan, almost 20 percent of one-bedrooms cost that much.
Need more space? The majority of two-bedroom rentals in Brooklyn are over $2,000 per month, while almost half (45.2 percent) are over $2,500. About one-quarter are $3,000 or more per month, while 10 percent cost $4,000 and up.
Jennifer Riner is a reporter for Inman who also writes on assignment for Trulia.