Aspiring homeowners in the Big Apple better get comfortable renting.
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 Midwest can hit that same milestone in under four years.
The eye-popping gap comes down to one brutal math problem.
First-time buyers in New York City are typically putting down 30% of their purchase price, an average of $265,000, on a median home priced at $883,333.
In Detroit, by contrast, first-timers are putting down roughly 5%, just $7,600 on average, letting them save up in 3.9 years. Nearby Warren, Michigan, is even faster at 3.1 years for an $8,797 down payment.
San Francisco and Los Angeles aren’t far behind New York in pain. The City by the Bay requires around 57 years to save a $400,000 down payment, while Los Angeles buyers need 41.5 years to amass $170,500.
Boston, Anaheim and San Jose round out the list of markets where homeownership feels generations away.
Rocket’s analysis crunched first-time homebuyer mortgage data from loans closed between May 20, 2025, and May 19, 2026, pairing it with median household income figures from the Census Bureau’s 2024 American Community Survey.
Researchers assumed a household socking away 5 percent of its annual income toward a down payment fund each year.
On the flip side, the fastest markets to save up are clustered in the Midwest and South. No shocker there.
It’ll take 4.3 years to save up for a $20,450 down payment in Virginia Beach, Virginia, while Fort Worth, Texas, needs the same 4.3 years for $17,867.
Indianapolis, Milwaukee, Jacksonville, Cleveland, Columbus and West Palm Beach round out the top 10 fastest markets, all clocking in under 5.5 years.
In New York City, where a hefty down payment has become almost a requirement to compete, Redfin agent Jason Warner said he’s increasingly fielding clients well past their twenties.
“The price point is so much higher in New York City than it is in most of the country. Since it takes a bit longer for first-time home buyers to save here, I’m now often helping mid-career professionals in their late 30s and early 40s to buy their first home after decades of renting,” Warner said in the report.
Warner pointed to a tight inventory squeeze as another factor pushing buyers to make bigger down payments.
“New York City is competitive by its nature, and inventory is squeezed right now because a lot of homeowners are locked in by low mortgage rates they got during the pandemic,” he said.
“Sellers are looking not only for the highest offer, but for the one that’s most likely to close quickly and easily. A high down payment signals to the seller that you have the funds needed to close and you’re committed to the home,” the agent said.
“While a high down payment might not be as strong as an all-cash offer, it is a sign that a lender is likely going to be able to come through with funding your loan on time because you have cash handy and finances in order.”
Warner added that the city’s co-op and condo boards often leave buyers no choice in the matter, frequently demanding 20 to 30 percent down before they’ll even consider an application.
Fellow New York City Redfin agent Steve K. Kazoleas said family money is increasingly bridging the gap for his clients.
A 2025 Redfin survey found nearly 24 percent of young Americans who recently bought a home leaned on relatives to help fund their down payment.
“Many of the first-time home buyers I’ve been working with are spending years saving, while at the same time they’re dealing with high rental costs, which ultimately makes it hard for them to build wealth. As a result, I’ve been seeing buyers expand their searches,” Kazoleas said in the report.
Still, Kazoleas warned against buyers stretching themselves too thin just to land a deal.
“I always encourage buyers to leave room in their budget for unexpected repairs, life events and things that might come up. Homeownership should improve your financial future, not create financial stress in your life. You should be living in your home, not for your home,” he said.
Bill Banfield, Chief Business Officer at Rocket Mortgage, said the key for first-timers anywhere is starting the conversation early, long before they’re ready to make an offer.
“Reducing the time it takes to save for a down payment isn’t just about earning more or spending less. It’s also about understanding the options that are available,” Banfield told The Post.
“Many first-time buyers don’t realize they may qualify for low-down-payment loans or assistance programs that can substantially reduce the amount of cash they need at closing. Beyond setting aside money each month, directing annual bonuses, tax refunds or other windfalls toward a down payment fund can also help buyers reach their goal faster.”