"Homeownership Hurdle: New Yorkers Face Decades-Long Wait for Down Payment Savings. A shocking new analysis has revealed that the median down payment for a first home in New York City would require an astonishing 65 years of saving for the average resident. Conducted by Rocket Mortgage, the study highlights the daunting challenge faced by potential homebuyers in the city, where skyrocketing housing costs and stagnant wages have made it increasingly difficult for individuals to save for a down payment. The findings raise concerns about the feasibility of homeownership for many New Yorkers, particularly in areas with high housing prices, and underscore the need for innovative solutions to address the city's affordable housing crisis."
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 ...
