Saving for a Down Payment in New York City Could Take Over 65 Years
A new analysis by Rocket finds that median-income households in New York City may need over 65 years to save the required down payment of $265,000 at current savings rates. High home prices and larger down payment requirements (typically between 20% and 30%) are making homeownership difficult for many buyers.
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Topics: Affordable Housing Down Payment Savings Housing Market Median Income