Places With Sharp Price Increases, Relatively Low Incomes

Bedford-Stuyvesant

Zip code 11216 in the Bedford-Stuyvesant neighborhood of Brooklyn has a spectacular stock of stately brownstones. The buildings — long ago sliced into apartments, but easily restored as grand townhomes again — composed the last major collection of brownstones in the borough that hadn’t yet been gentrified going into this housing cycle in the early part of the last decade.

“So there was a huge feeding frenzy for them,” said Stephen Smith, a New York writer behind the Market Urbanism blog.

Since 2004, single-family home values in the ZIP code have risen by 194 percent; they’ve almost tripled in barely a decade. That’s the single biggest gain of any ZIP code among the 300 largest metro areas in the country, according to a new Washington Post analysis of how home values have changed across the United States during the bubble, bust and recovery.

ZIP code 11216 looks a bit odd in the data. It now has a median single-family home value of more than $1 million. But the median income according to the most recent five-year American Community Survey data only is about $44,000 — certainly not what you’d need to buy such a place.

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Authored By Emily Badger
See the Full Story at the Rocky Mountain Telegram.

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