katero
All Breaking News Politics
Jun 30, 2026

Exclusive | It’ll take 65 years to save for a down payment in NYC — but less than 4 in this popular city, new data shows

Exclusive | First-time buyers in New York City need 65 years to save for a down payment, new data shows Email New York Post Read the Latest on Page Six

Switch between CA and NY editions here.

Edition

Recommended

Skip to main content Real Estate exclusive

It’ll take 65 years to save for a down payment in NYC — but less than 4 in this popular city, new data shows

By Mary K. Jacob Published June 30, 2026, 4:47 p.m. ET

See more of our coverage in your search results.

Add The New York Post on Google

Aspiring homeowners in the Big Apple better get comfortable renting.

Your average New Yorker would need a staggering 65 years to scrape together the median down payment for a first home, according to a new analysis from Rocket Mortgage, while buyers in parts of the Midwest can hit that same milestone in under four years.

The eye-popping gap comes down to one brutal math problem.

First-time buyers in New York City are typically putting down 30% of their purchase price, an average of $265,000, on a median home priced at $883,333. 

A new Rocket Mortgage analysis finds that a typical New York City household would need 65 years to save the median first-time homebuyer down payment of $265,000, by far the longest timeline in the nation. 5
A new Rocket Mortgage analysis finds that a typical New York City household would need 65 years to save the median first-time homebuyer down payment of $265,000, by far the longest timeline in the nation. Roni – stock.adobe.com

In Detroit, by contrast, first-timers are putting down roughly 5%, just $7,600 on average, letting them save up in 3.9 years. Nearby Warren, Michigan, is even faster at 3.1 years for an $8,797 down payment.

Explore More

An image collage containing 2 images, Image 1 shows Adventurous tourists are paying thousands to be ferried 35 miles off the North Carolina coast and left stranded on Frying Pan Tower, a decommissioned 1964 Coast Guard light station that has been dubbed the most dangerous hotel in the world, Image 2 shows Despite the risks, the tower sleeps up to 12 guests across eight bedrooms and offers surprisingly robust amenities including solar power, high-speed internet, a fully equipped kitchen and a reverse osmosis water system

Unhinged tourists pay thousands to stay at ‘most dangerous’ hotel in the world — in the middle of the ocean 

An image collage containing 3 images, Image 1 shows Photo focuses on the front of a brown townhouse with steps leading up to the entry level at 238 1/2 East 83rd St, Image 2 shows Door opens to a townhouse at 238 1/2 East 83rd St. , Image 3 shows Inside the foyer at 238 1/2 East 83rd St., showing a staircase and a distinctive patterned inlaid marble on the floor

Why tiny NYC home is on sale for just $9M — after owner sunk $16M on it

An image collage containing 2 images, Image 1 shows A Des Moines nonprofit called Joppa has received city approval to build a 54-unit tiny home village where chronically homeless residents will pay between $300 and $700 a month to live in private homes ranging from 192 to 384 square feet, complete with bedrooms, bathrooms, and kitchenettes, Image 2 shows Residents must meet federal chronic homelessness criteria but need no income to move in, and will have access to on-site jobs paying $15 an hour

New tiny home village has $300 rent, a gym and free health care — here’s who gets to live there

San Francisco and Los Angeles aren’t far behind New York in pain. The City by the Bay requires around 57 years to save a $400,000 down payment, while Los Angeles buyers need 41.5 years to amass $170,500. 

Boston, Anaheim and San Jose round out the list of markets where homeownership feels generations away.

The steep figure stems from local buying norms, with first-timers in the city typically putting down 30% of a home’s purchase price compared to roughly 5% in more affordable markets. 5
The steep figure stems from local buying norms, with first-timers in the city typically putting down 30% of a home’s purchase price compared to roughly 5% in more affordable markets. deberarr – stock.adobe.com

Rocket’s analysis crunched first-time homebuyer mortgage data from loans closed between May 20, 2025, and May 19, 2026, pairing it with median household income figures from the Census Bureau’s 2024 American Community Survey.

Researchers assumed a household socking away 5 percent of its annual income toward a down payment fund each year.

On the flip side, the fastest markets to save up are clustered in the Midwest and South. No shocker there.

It’ll take 4.3 years to save up for a $20,450 down payment in Virginia Beach, Virginia, while Fort Worth, Texas, needs the same 4.3 years for $17,867.

Indianapolis, Milwaukee, Jacksonville, Cleveland, Columbus and West Palm Beach round out the top 10 fastest markets, all clocking in under 5.5 years.

In New York City, where a hefty down payment has become almost a requirement to compete, Redfin agent Jason Warner said he’s increasingly fielding clients well past their twenties.

San Francisco trails close behind at 57.2 years. 5
San Francisco trails close behind at 57.2 years. travelview – stock.adobe.com

“The price point is so much higher in New York City than it is in most of the country. Since it takes a bit longer for first-time home buyers to save here, I’m now often helping mid-career professionals in their late 30s and early 40s to buy their first home after decades of renting,” Warner said in the report.

Warner pointed to a tight inventory squeeze as another factor pushing buyers to make bigger down payments.

“New York City is competitive by its nature, and inventory is squeezed right now because a lot of homeowners are locked in by low mortgage rates they got during the pandemic,” he said. 

“Sellers are looking not only for the highest offer, but for the one that’s most likely to close quickly and easily. A high down payment signals to the seller that you have the funds needed to close and you’re committed to the home,” the agent said.

Share

X Facebook Reddit LinkedIn WhatsApp Telegram Email

Other posts

Jalen Ramsey Points Out What Makes Deion Sanders Different

Jun 30, 2026

Jalen Ramsey Points Out What Makes Deion Sanders Different

From miracle rescues to anguished recoveries, Venezuelans face a rising death toll post-earthquake

Jun 30, 2026

From miracle rescues to anguished recoveries, Venezuelans face a rising death toll post-ea...

Collin Gosselin’s Abuse Claims Against Mom Kate, Sara Foster’s Living Situation and More Top Stories

Jun 30, 2026

Collin Gosselin’s Abuse Claims Against Mom Kate, Sara Foster’s Living Situation and More T...

Celebrities Are Seeing Red Every Season: Coco Jones, Kehlani, Teyana Taylor and More

Jun 30, 2026

Celebrities Are Seeing Red Every Season: Coco Jones, Kehlani, Teyana Taylor and More

All of the Times Taylor Swift Was a Bridesmaid Before Her Wedding to Travis Kelce: Lena Dunham, More

Jun 30, 2026

All of the Times Taylor Swift Was a Bridesmaid Before Her Wedding to Travis Kelce: Lena Du...

Blac Chyna Breaks Down Her Cosmetic Surgery Procedures, Reveals Implant Sizes and More

Jun 30, 2026

Blac Chyna Breaks Down Her Cosmetic Surgery Procedures, Reveals Implant Sizes and More

Bill Maher Defends Interviewing Vice President JD Vance on His Show: ‘I Like to Actually Talk’

Jun 30, 2026

Bill Maher Defends Interviewing Vice President JD Vance on His Show: ‘I Like to Actually T...

NYPD facing ‘massive summer workload’ — as Mamdani flip-flops on police headcount promise

Jun 30, 2026

NYPD facing ‘massive summer workload’ — as Mamdani flip-flops on police headcount promise