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.