Brooklyn has a higher population than any other borough in New York City. Accordingly, this huge section of the city has a very diverse population and many distinct neighborhoods. When you’re looking into buying Brooklyn homes, it’s important to understand the unique demographics of this area. Though the average household income in Brooklyn is lower than the rest of New York, the average home or condo value is much higher. About 86% of the housing in this borough is multi-unit, such as an apartment. Many homeowners in Brooklyn actually own an entire multifamily dwelling and only live in part of it.
If you purchase a multi-family home in Brooklyn, you can rent out the additional homes in the building while living in only one unit yourself. You will collect rent from the other inhabitants to help cover the costs of your mortgage. If you choose one of these Brooklyn homes, you should make sure that you have enough to cover the mortgage on your own from time to time if necessary. You can’t always rely on a steady stream of tenants, so don’t choose a multi-family property if it is completely out of your price range. If you can afford this type of building, however, you will receive many tax benefits including deductions for home improvements.
If you’re shopping for Brooklyn homes, you should be prepared for a hefty price tag. As of December 2010, the average home price in Brooklyn was $550,000. The average price for Co-ops was $240,000 and condos averaged about $465,000. If you only have the median household income for Brooklyn, which was $43,166 as of 2009, these homes could be well out of your price range. This may explain why apartments are so much more popular in this area. If purchasing a home is too expensive, keep in mind that you can easily make a home in an apartment just as well as in a house.
Whether you’re looking into houses or apartments for your Brooklyn homes, you should be aware that this borough is comprised of many distinct neighborhoods with individual personalities. As a whole, Brooklyn is about 46.6% Caucasian, 34.2% African American, 19.6% Latino and 9.5% Asian. These demographics do not hold true in every neighborhood, however. Midwood is largely Pakistani. A large Jewish population can be found in Gorough Park. Bedford Stuyvesant is known for being primarily African American. You will find a large Hispanic-American population in Bushwick. If you are looking for a particular type of community to buy a home in, you can find just about anything somewhere in Brooklyn.