Report: New Yorkers Save For Almost Two Decades To Make a Down Payment

A new Streeteasy report provides brevity to the fact that owning property in New York City is no easy undertaking, especially for first-time homebuyers. In a city where home costs are three times the national average, it’s no wonder why so many city-dwellers have been pushed out of the market. According to Streeteasy, here are some key findings:


  • New York City has a far higher share of first-time home buyers (61 percent) than the United States at large, and a higher share than many major American cities.

  • New Yorkers on average are three years older than the typical American when they buy their first home.

  • Homes in NYC are nearly three times more expensive than in the rest of the country, and saving for a down payment takes an average of 10 years longer here than elsewhere.

  • Starter homes are falling out of favor: In New York, 71 percent of homeowners live in the first home they ever purchased, and stay in their homes for a median of 18 years.

  • Today, New Yorkers younger than 44 actually earn more than those older than 44 — the opposite of the situation nationwide — and purchase second homes or investment properties eight years earlier than homeowners nationwide.