Civic News
Real estate / Technology

New tool allows you to see the change in real estate prices by neighborhood

Spoiler: Rent is not going down.

Probability mode lets you input a price and see the likelihood that you will be able to afford a property in a neighborhood. (Screenshot)

In 2010, a buyer would have needed $869,000 to have a medium chance of buying a house in Greenpoint. In 2017, that number is $3.17 million. So says a new tool by Fast Forward Labs, Probabilistic Real Estate.

The real estate calculator takes changing home prices and inventory into account and estimates how much money it would take to have a low, medium or high probability of being able to afford real estate in different neighborhoods. In so doing, it gives the viewer a visual sense of the rate of change in Brooklyn real estate.

“It enables you to input your housing budget and shows you the probability of finding properties in that price range across different neighborhoods and future time periods,” according to the organization.

Check it out for yourself
Series: Brooklyn

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