City of Aspiration
Since 2001, the price of housing in New York has grown at five times the rate of income, a far higher pace than in virtually any major area in the country other than California and Miami. Now, according to a survey by the National Association of Homebuilders, with the New York area’s median income at roughly $60,000, only 6 percent of families can afford a median-price house of roughly $510,000.
As a result, New York, like Los Angeles and other high-priced areas, has since 1970 seen its middle-income neighborhoods shrink while lower- and higher-income areas have expanded. Today, according to a recent study by the Brookings Institution, barely 16 percent of New York neighborhoods are described as middle class; that is, composed of families earning 80 to 120 percent of the median income — the lowest percentage in any region of the country.
...the lives lived in places like Whitestone — and in similar communities, especially in Queens and in the outer reaches of Brooklyn — say a great deal about what it is like to be a middle-class New Yorker at this moment in the city’s history.
"In Manhattan they have nannies. Here we have grandparents."
Photo from NY Times