It takes 20 years for New Yorkers to save for a 20% down payment as affordability issues persist

Real estate professionals say buyers who do manage to enter the market are often relying heavily on family assistance, inheritance money, or dual-income households to afford down payments. Others are turning to lower down payment mortgage programs, though these options can come with higher long-term borrowing costs.

Despite the challenges, demand for homeownership in New York remains strong. Many residents still view owning property as a critical step toward financial stability and wealth building, even as the path grows longer and more difficult.

As affordability pressures continue to mount, the prospect of spending two decades saving for a home underscores the increasingly daunting reality facing a new generation of New Yorkers.