This Is How Long it Now Takes Millennial New Yorkers to Save a Home Deposit: Study
•
Millennial New Yorkers now face a years-long slog in order to save enough for a home deposit, with some needing almost two decades to save, a new study finds.
Exploding student debt and property prices, mixed with stagnant incomes, has resulted in a climate where young New Yorkers are struggling more than ever to save for a home, the Rentonomics Apartment List report, released Thursday, found.
Nowadays, the average Millennial New Yorker without a college degree would need 18.8 years to save for a 20 percent deposit on a home.
And a New York college graduate would need to commit to 7.5 years of dedicated saving to have enough to make a down payment.
AP
Utica, NY, ranks as the second-most affordable housing market in the entire Demographia study, which covers 293 markets in 10 countries. The median house price (the point where half of all prices are higher and half are lower) is just 2.1 times the median income.
City of Syracuse, NY
Syracuse was in the top 10 for affordability in the study, with a ratio of just 2.4.
Communications Bureau, City of Rochester
Rochester, NY, is the most affordable "major" housing market in the world in Demographia's study and one of the 20 cheapest overall, with a median house price just 2.6 times the median income.
AP
Buffalo ties for 33rd on the list, with the median house costing less than three times the median income.
Atlantic City was New Jersey's lone entry in the 100 most affordable markets, with the median home price 3.3 times the median income.
AP
New Haven, Connecticut, also made the top 100 for affordability.
Getty Images
Hartford, Connecticut, has also been named one of the most affordable places to live in the tri-state.
Getty Images
New London is the third Connecticut city to make the top 100 for affordability,
The study also found that the average college graduate without student debt was much better placed to save for a house. Those grads only needed 2.7 years to save for a home deposit.
"We found that indebted college graduates are saving significantly less for a down payment compared to those without debt, while those without a college degree save even less."
Rentonomics surveyed over 11,000 millennials across the U.S.
It said the numbers reflected how much the average cost of undergraduate tuition has risen over the years. Since 1980 it had shot up by 160 percent, it said. That's compared to median income growing by a sluggish 25 percent, and house prices becoming more expensive by 60 percent.
Average home deposit savings of NY college grad without student loans: $32,040
Average home deposit savings of NY college grad with student loans: $10,470
Average home deposit savings of NY millennial without college degree: $4,730
Dolly Lenz Real Estate/Getty Images
Dolly Lenz Real Estate
The residence is described as "one of the most magnificent penthouse homes in New York City."
Dolly Lenz Real Estate
There's a full-prep kitchen with two subzero refrigerators, a barbecue grill and a walk-in pantry.
Dolly Lenz Real Estate
Views of Lower Manhattan can be glimpsed from the penthouse's many windows.
Dolly Lenz Real Estate
A grand living room has a gas fireplace and double-height ceilings.
Dolly Lenz Real Estate
There are multiple outdoor areas, including sprawling terraces on two levels.
Dolly Lenz Real Estate
Private outdoor spaces are landscaped and found throughout the penthouse.
Dolly Lenz Real Estate
An interior courtyard sits at the center of the penthouse, providing a lush backdrop in the heart of the city.
Dolly Lenz Real Estate
The entertainment room is off the courtyard.
Dolly Lenz Real Estate
The master bedroom has an en-suite bathroom with a steam room.
Dolly Lenz Real Estate
Sweeping views of the Hudson River can be found throughout the home.
Dolly Lenz Real Estate
The library and home office feature beautiful woodwork.
Dolly Lenz Real Estate
The terraces provide plenty of space for entertaining.
Dolly Lenz Real Estate
One of the penthouse's five bedrooms.
Dolly Lenz Real Estate
A formal dining room sits off the courtyard.
Dolly Lenz Real Estate
The highlight of the home is its cozy outdoor terraces, which provide a sanctuary high above the city.
Dolly Lenz Real Estate
The entire apartment features a sleek, modern design.
Dolly Lenz Real Estate
The penthouse's wide open layout lets in plenty of light.
Dolly Lenz Real Estate
The penthouse spans the top two floors of 165 Perry St.
