How Long Does It Take To Save Up For A Down Payment?
The biggest barrier to homeownership for many prospective buyers isn’t the monthly mortgage bill, but the steep down payment. The 20 percent required to qualify for a typical mortgage for a median-price home in NYC is $755,000 (Manhattan is $1.1M) which comes out to $151,000 down (or $220K in Manhattan) plus closing costs, etc. (Full Story)