11217, Brooklyn, NY

Brooklyn, NY is a borough located in the southern part of New York City. The 11217 zip code covers most of the eastern half of Brooklyn and has a population of over 1 million people. Home equity is an important part of the American Dream, and home prices have been on the rise in Brooklyn for many years.

The median home value in Brooklyn was $1,047,500 in 2017 according to Zillow. This is up from $848,200 in 2006 and $527,600 in 2002. The average home value has also increased significantly over this time period; it was $735,100 in 2006 and $1,086,700 in 2017. This increase can be attributed to several factors: increasing demand due to an influx of new residents (due to gentrification), low interest rates (which make mortgages more affordable), and limited supply due to zoning restrictions that keep new development out of certain areas.

Despite these positive trends, there are some challenges facing home buyers in Brooklyn. One issue is that there are not enough homes available for sale; according to Trulia data from January 2019, there were only 2 months where more than 100 homes were available for sale within the zip code. This shortage has led to bidding wars and high prices; as of January 2019 the median list price was $2 million+.

Another challenge faced by buyers is that many neighborhoods within Brooklyn are designated as “zoned for preservation” or “zoned for development”. These restrictions limit how much housing can be built within certain areas and have led to a shortage of available homes on the market. As a result, many buyers are forced into neighborhoods that are farther away from their work or school locations or they must pay higher prices because there are fewer options available.

Despite these challenges, homebuyers continue to purchase homes in Brooklyn because they believe that it is one of the safest investments possible – especially when compared with other major cities around the world. In 2018 Forbes ranked Brooklyn as one of the top 10 safest cities in America based on data from Numbeo regarding crime rates per 100K residents*. Additionally Zillow recently released its 2019 Home Value Index report which found that Brooklyn had the highest increase (+14%) among all U.S.-based metro areas**.* These findings underscore why so many people believe that homeownership remains one of the best ways to build wealth over time.*