New high cost of living

From The Peopling of New York City

As a result of the process of gentrification, the cost of living in Jackson Heights has steadily increased. This increase has gone hand-in-hand with ballooning investment in the area. According to data from the Federal Financial Institutions Examination Council, mortgage investment in Jackson Heights has increased more than three-fold in parts of the neighborhood between 2000 and 2006.

This evident increase in investment has had clear effects on real estate values in Jackson Heights. Over the past ten years, the average price of a home in Jackson Heights has more than doubled, generally increasing annually. Today, the average cost of a home in the neighborhood is estimated at $451,100, whereas in 1999, the average cost was $198,200; an increase of 128% in just nine years.

(Source: PropertyShark & U.S. Census Bureau)

Jackson Heights Housing Values

Year	Average Price	Average Change	Average Percent Change
1999	$198,200	-	-
2000	$213,700	+$15,500	+7.82%
2001	$241,300	+$27,600	+12.91%
2002	$239,700	-$1,600	-0.66%
2003	$292,500	+$52,800	+22.03%
2004	$304,900	+$12,400	+4.24%
2005	$382,600	+$77,700	+22.48%
2006	$427,300	+$44,700	+11.68%
2007	$451,100	+$23,800	+5.57%

(Source: PropertyShark & U.S. Census Bureau)

This increase in living costs in Jackson Heights, we believe, will continue to lead to the displacement of many of its established residents.

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