Tesla may be hip, but it’s not exactly affordable.
Earlier this year, the Palo Alto, California-based electric-car maker opened a showroom in Red Hook, Brooklyn, a logical move for a company looking to capitalize on New York City’s cool factor. But the new spot has one ironic characteristic: The median household income in its zip code is almost exactly the same as the price of a Tesla.
Red Hook’s zip code 11231 had a medium household income of $83,383 in 2014, according to data from the US Census Bureau (2014 is the latest year where data is available by zip code). The price of a Tesla Model X starts at $83,000. The Model S, which is also on display in the Brooklyn showroom, starts at $71,500.
A popular freight port in the 1800s, Red Hook is known for its industrial landscapes, but in recent years has seen slow but steady gentrification. Overall, 56 of the 80 US cities where Tesla currently has showrooms (table below) have median household incomes below the cost of a Model X.
Of course, cars are expensive, and buying one is always a big commitment. But Consumer Reports recommends a monthly car payment not exceed 36% of gross income. Which means the rest of us may have to settle for Tesla’s $35,000 mid-class sedan, the Model 3.