Recent data from an analytic company shows that Staten Island, N.Y., home values have increased dramatically over a 35-year period while income rates have not seen the same hike.
Between 1980 and 2015 home values increased 612.32%, which is well above the national increase of 277.59%, according to HomeInsurance.com, which has analyzed long-term housing prices and household income at the county level across the United States.
"Such data is interesting because income levels [on Staten Island] have only increased by 245%, as compared to the national increase of 219% and state increase of 256%," said Kevin Pryor, data analyst for vHome, which is is owned by GridLex, a data analytic company focused on insurance, health care and other industries.
"Such a high level of home value change compared to a low level of income change is interesting for Richmond County, especially when compared to New York state where Richmond home values seem to have increased a lot while income has not," he added.
This implies that the average person is spending more of their income on housing compared to 1980, said Pryor.
Sandy Krueger, CEO of the Staten Island Board of Realtors, said the increase in home values "wasn't all that surprising."
"I never looked at it quite this way, but when you see these numbers and growth over more than 20 years, they [the numbers] look bigger than you think about them normally," he said.
"We've always said Staten Island was the most affordable place in the city, which drives people here, but then that drives prices up," he said.
Some real estate professionals say the "numbers are skewed" when you look at the area and the extended time period being analyzed.
"Staten Island from 1980 to now is a totally different place," said Frank J. Rizzo, president and broker of Cornerstone Realty in Annadale.
"I think their numbers are a little skewed in terms of the data because when you say the prices haven't increased with the income gains, you're not really taking the amount of the equity that is built up in some of these homes into consideration," he added.
He noted the numbers also don't reflect the significant population growth the borough has experienced over the last 40 years.
"When you're looking at Staten Island, which was the fastest-growing county in all of New York state from 1980 to 2000, of course you're going to see an accelerated price appreciation," said Rizzo.
