June 15th, 2012
While we’re on the topic of real estate, NYU’s Furman Center for Real Estate and Urban Policy recently released the 2011 edition of its annual publication the State of New York City’s Housing and Neighborhoods. The report features data on housing, demographics, and quality of life indicators such as median income, poverty rate, and housing characteristics for each borough and for the city’s 59 community districts.
Some points to call out relevant to Brooklyn and Dumbo:
- Almost 70 percent of households in Brooklyn rent their unit, and new renters face sharply rising rents.
- In Brooklyn, single family homes are, on average, worth more now than they were two years ago, something that cannot be said for homes in the Bronx, Queens, or Staten Island.
- In Brooklyn, about 100 fewer units were issued new residential building permits in 2011 than in 2010, and the number of permits has fallen by more than 95 percent since 2005. The borough had the highest number of units issued certificates of occupancy in the city in 2011 at 1,832 units, though this represents a 67 percent decline since 2010.
- Brooklyn population in 2010: 2,504,700. 37.8% foreign born, 35.7% white, 31.9% black, 19.8% Hispanic, 10.4% Asian
- The amount of rent paid by recent movers in bk 02 (Fort Greene/Brookly Heights/Dumbo) in 2010 was almost twice that paid by renters who have lived in their units for more than four years, one of the largest gaps in the city. Nonetheless, the share of income spent on rent by the two classes is strikingly similar (27.2% vs 26.5%) due to the higher incomes of households which are moving into the area.
The report for Brooklyn and Fort Greene/Brooklyn Heights can be downloaded here as a PDF file. The Fort Greene and Brooklyn Heights community district includes data from Dumbo.
The comprehensive publication also analyzes property tax policies in New York City, explores the changing racial make-up of New York City neighborhoods, and examines trends in mortgage lending and foreclosures. The full publication is available on their website at State of New York City’s Housing and Neighborhoods.