New Yorkers’ down payments on their homes are about ten times the national average, according to a new report from RealtyTrac.
Home prices in New York far exceed the national average of course, but New Yorkers are also paying a higher percentage of the total purchase price upfront. While the national average down payment is $31,723, or just 14 percent of the total purchase price, the average down payment for the New York and New Jersey markets is $347,614, or 37 percent of an average home price of $935,000. In Brooklyn, buyers paid $163,537, or 28 percent, on an average home price of $580,000. [more]