Many renters buying homes further out in suburbs after reaching their affordability threshold in the city. This prompts the question: does gentrification cause rent surge? Or is it the other way around?
Which Came First?
The relentless search in major cities for affordable yet aesthetically pleasing housing isn’t getting any easier.
That effect is apparent in places like northwest Queens, a borough of NYC that has seen a nearly 13 percent rise in average rent over the last year. That area includes popular neighborhoods like Astoria, Sunnyside and Long Island City that have become home to upwardly mobile young professionals.
“As NYC experienced population growth in the past few decades, the demand for housing also increased. However, the supply of additional housing units has not kept pace. Nor have new units been evenly distributed among the city’s neighborhoods.”
Read more here.
Download the City Vs City cost of living calculator to see how your housing costs and all your unique financial circumstances would look in any or all of these cities – including the taxes you’d pay in each one!