#median-income tag

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

A median-priced NYC home requires about 20 years of disciplined saving for a median-income earner, while rents keep rising and inventory keeps shrinking.

NYC real estate

fromCurbed

2 weeks ago

It Will Take the Average New York City Buyer 20 Years to Save for a Down Payment

At median income levels, saving for a down payment takes about 20 years, while rents hit a new record and inventory remains tight.

fromThe Mercury News

5 months ago

California homebuyer's goal: Save $18,200 annually for 5 years

The report pondered how long it would take to save 10% of the median purchase price, a common goal for first-timers, assuming the wannabe owner saved 10% of income left over after paying taxes and life's "essentials," using the median household income. Of course, the California "affordability" numbers were ugly. For starters, the Golden State has the highest down-payment goal: $83,200 vs. a median of $38,750 across the 50 states. After California came Hawaii at $74,400, and Massachusetts at $63,900.

Real estate

California

fromThe Mercury News

6 months ago

Are California's millennials paid enough?

California millennials' median household income is 33% higher than peers nationwide but roughly matches California's overall median, yielding only a modest in-state premium.

#housing-affordability

fromThe Mercury News

7 months ago