POLL: Would you spend $500K for a down payment in Manhattan?

Posted On Wed, December 14, 2016 By

Posted On Wed, December 14, 2016 By In Polls, real estate trends

6sqft has previously shared data that it only makes sense to buy a home in New York City after having lived here for 18.2 years, longer than anywhere else in the nation by a long shot. When and if that time comes, Manhattanities are looking to drop an average of $500,000 for a down payment, according to a new report from Property Shark. To put this figure into perspective, the average price nationwide to buy an entire home is $300,000. And in the Manhattan luxury market, the median down payment is a whopping $3.15 million, which might explain why, according to 2014 census data, only 32% of New Yorkers owned their homes.

[Via PropertyShark]

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