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.
- It Only Makes Sense to Buy a Home in NYC After 18 Years, Longer Than Anywhere in the U.S.
- For the Price of One Soho Apartment, You Can Buy 38 Homes in Memphis
- NYC Makes Up 5 Percent of the Nation’s Property Value
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