Here’s How Long the Average New Yorker Has to Save Up for Down Payment in NYC Neighborhoods, According to Study

PropertyClub, a real estate website, looked into how long it would take the average person to save up for a 20% down payment in 100 city neighborhoods

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What to Know

  • For most, living in New York City is becoming an increasingly far-fetched dream thanks to rising costs
  • While rent is on the rise, many New Yorkers are thinking of buying their own place – but being a homeowner isn’t the cheaper alternative
  • PropertyClub looked into how long it would take the average person to save up for a 20% down payment in 100 city neighborhoods

For most, living in New York City is becoming an increasingly far-fetched dream thanks to rising costs – regardless if you’re a renter or homeowner.

While rent is on the rise, many New Yorkers are thinking of buying their own place – but being a homeowner isn’t necessarily the cheaper alternative.

PropertyClub, a real estate website, looked into how long it would take the average person to save up for a 20% down payment in 100 city neighborhoods – and the results are shocking!

It comes as no surprise that the priciest New York City borough when buying a house is Manhattan, according to the study.

In Greenwich Village, for example, it would take an average person a whopping 122 years to save up for a down payment to buy a house at median price. This calculation is of course if you do not want to spend more than 30 percent of your income on housing costs.

If you are looking to purchase in Brooklyn Heights, which is just a stone’s throw away from Manhattan, it could take you 116 years to save up for a house.

Meanwhile, it would take the average person 14 years to save up for a down payment for a house in the Queens' neighborhoods of Middle Village, Jamaica Hills or Maspeth, as well as in Marine Park, Brooklyn.

Additionally, if you think buying a condo is a better, cost-friendly option. You might want to think again.

It could take the average New Yorker 104 years to save up for a 20 percent down payment on a condo in Midtown Central, the study reveals.

The amount of time to save up takes a dip to 86 years if you are trying to purchase a condo in Tribeca.

However, according to PropertyClub, it would only take the average New Yorker five years to save up for a down payment on a condo in Great Kills or New Springville, which are both located in Staten Island.

Co-ops are more affordable in theory, but if you wanted to opt for one in SoHo or Tribeca, it would still take over four decades to come up with the down payment, according to PropertyClub.

To learn more about the methodology used and where your neighborhood ranks, click here.

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