High-income renters are flooding into Queens, according to a recent study.
Wealthy residents of New York City have shown a preference for renting rather than owning homes over the last decade, a new report from RentCafe shows, with the number of affluent renters more than tripling in Queens over the last decade.
After Brooklyn, Queens has seen the second largest influx of wealthy renters over the last 10 years by percentage.
Queens saw a jump in high-income renters from 8,486 households to 29,473 households, or 247 percent, over the last decade, compared to the city as a whole, which saw an increase by 137 percent.
The report defined high-income renters as households earning more than $150,000 per year, and found that about a fifth of New York City renters qualified as high-income, or 211,482 households, which is more than all the affluent renters in San Francisco, Los Angeles, Chicago, Houston, San Jose, and San Diego combined.
The report points out that an influx in wealthy renters is a sign of gentrification, with about seven percent of Queens renters now making more than $150,000 per year.
20 comments:
I guess not everyone considers Queens a third world area. I don't, and I even live in Jamaica.
A 150K household is often two college-educated civil servants at the five year point. Not exactly a great metric for "wealthy".
Another bullshit speculative report by a real estate website, and from the blog section no less, this reeks of collusion between predatory developers and yellow journalism. REBNY is now using the fake news format to push their agenda to make the 5 boroughs the luxury city that Leona Helmsley prophesied and desired, Mayor Fun Size Bloomberg pushed with City Council obeiscience, and De Faustio sold out for dirty cash and power. Some lowlife landlord is going to see this report and will justify raising rents.
Queens, as is Brooklyn, is a big borough and these wealthy stupid renters, at 7% in 10 years is only possible because of those towers in LIC and by illegal tactics by pernicious landlords, are not representative of a mass influx to justify higher market rates.
7% my ass! This could not possibly be including he immigrants. More like .5%
I am sure that most of these "high income" renters are the overpaid city and state government workers.
Remember that YOU are paying for this...
Data to back up your statement, (sarc)? Oh, right, you don't have any.
$150K a year is now considered wealthy?
First $150,000 is NOT WEALTHY, maybe somewhere in the boon sticks of West Virginia but not NYC. Second, if they are so wealthy 1) why are they renting and not buying, it is actually cheaper to buy than rent here 2) why are they not choosing Manhattan and Brooklyn as opposed to the Worlds Third Borough.
This as usual seems like real estate bullshit to jack up rents.
"Data to back up your statement, (sarc)?"
There are the 246, De Faustio's appointed crack rookie politico intern farm team.
http://nypost.com/2016/10/03/de-blasio-padded-city-hall-with-264-special-assistants-report/
And I bet my stagnant wages that some of these "assisstants of the city" are in his agitprop av club not producing re-election campaign videos. And since they make 6 figures and are in their 20's, the target demo for the gentrification industrial complex of government and real estate.
https://www.youtube.com/watch?v=hS0CWN9K1QA
Yeah....real estate industry propaganda,
How come if the residential real estate prices in Manhattan have dropped by 6% (heard that on the radio just yesterday), that Queens prices are higher?
Tell me another tall tale.
Come to Corona and see all those "wealthy" renters.
Dormitories full of day workers hardly qualify as blue chip spots.
Data to back up your statement, (sarc)? Oh, right, you don't have any.
Taking it personal pal?
These dumb articles keep forcing out good residents by creating this artificial demand. I see what's happening in Ridgewood and it truly is heartbreaking. So much remodeling going on, makes you wonder who ultimately pays for all this?! Is it coincidence that most of these railroad apartments are being renovated in ways where they would pass a government inspection?! I guess even wealthy developers know that if all else fails, there's always the government to rely on.
$150K a year is now considered wealthy?
According to the WSJ "What Percent Are You?" calculator, a household income of $150,000 puts you in the top 11% of U.S. households.
http://blogs.wsj.com/economics/2011/10/19/what-percent-are-you/
(The article is a bit stale, from 2011)
First $150,000 is NOT WEALTHY, maybe somewhere in the boon sticks of West Virginia but not NYC.
NYC is not the world!
To get a perspective of how rich you are compared to the REST of the world, check this out:
http://www.globalrichlist.com/
A stipulation about these fabricated affordable housing towers, is that a certain percentage of apts is set aside for city workers. That might be the 7%
$150,000 in NYC in 2017 is enough to get by but comes to buying a home you will need a large down payment to make it affordable.
Queens only looks desirable because even Brooklyn and the Bronx have become unaffordable.
Forget about Manhattan.
There, you have got to be super rich to live in.
So our borough has the honor of being a cheaper crash pad. We still have to live with the shame of being a cultural desert.
Sorry......LOL...I forgot about the Queens Museum, a third rate collection of crap.Better pack some Dannon yogurt if you want "culture".
I'm really puzzled by who you all think are these "overpaid city workers." Do you mean the cops and firemen and teachers? EMT workers? Bus drivers? Crossing guards? Meter maids? Are these affordable housing units that are set aside for city workers for these people? Or are you confusing politicians as city "workers?" No wonder Queens can't get anything done when bozos like you folks here are nothing but keyboard warriors when it comes to
Community activism.
Last anonymous fellow keyboard warrior,
I pointed out who the city workers are and a certain stipulation for residency. Even though it's meant for the people with the occupations you mentioned, those are not the demographic for these new towers in niche and about to be gentrified areas. And it's been reported that city hires have ballooned under this corrupt mayor, mostly for what appears to be consultants, public relations and superfluous supervisor positions.
And it's been documented here that at least one EMT worker is being shuffled around the homeless hotel system concocted by De Faustio.
Queens can't get anything done because it's civic offices are inundated with hacks and entrenched with perennial futility and patronage. But it's easier to scapegoat the public who point that out and dismiss them as clowns and "haters".
City workers are grubs!
They only live to steal, sit on their duffs, live off others.
City unions gave us Debalsio, Dinkins, Beame, O'Dwyer.
Break up NYC into ten pieces.
Maria Cuomo lived in Mitchell Lama in Midtown South
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