New Yorkers Face One of Nation's Longest Waits to Save for Home Down Payment
A recent study indicates that residents of New York state require nearly four years to save for a 15% down payment on a typical home, placing it among the most challenging states for aspiring homeowners.
Saving for a home down payment is an increasingly lengthy endeavor across the United States, with New Yorkers facing one of the most significant hurdles to achieving homeownership. A new study by Cinch Home Services reveals that a typical New York household needs approximately three years and eight months to accumulate the necessary funds for a 15% down payment on a home.
This savings timeline is nearly a full year longer than the national average of two years and nine months. In contrast, residents of Iowa can reach the same savings goal in just one year and nine months. The typical home value in New York is $526,714, meaning a 15% down payment would amount to about $79,007. For a household earning the state's median annual income of $85,820, this would necessitate saving roughly $1,796 each month.
The study places Hawaii at the top of the list for the most challenging state to save for a down payment, with residents needing an estimated five years. The average home value in Hawaii is $833,340, requiring a down payment of approximately $125,001. California follows, with residents needing nearly four years and 10 months to save for a down payment on a typical $764,158 home.
Montana ranks third, despite having lower home prices than Hawaii or California. Residents there need close to four years to save the $70,762 for a 15% down payment on a typical $471,746 home. Florida rounds out the top five, with an estimated three-and-a-half-year wait to save $56,320 for a typical $375,470 home. While Florida's home values are lower than New York's or California's, the study estimates that typical households in Florida save only $1,341 per month, the lowest figure among the top 10 hardest states.
At the other end of the spectrum, Iowa leads the nation as the easiest state for prospective homeowners, requiring just one year and nine months to save $35,932 for a typical $239,547 home. Kansas and West Virginia follow closely, with savings timelines of approximately one year and 10 months. West Virginia has the lowest typical home value in the country at $179,496, requiring a down payment of only $26,924.
Ohio and North Dakota complete the top five easiest states, with savings periods just under two years. The study highlights that home prices alone do not dictate affordability. For example, Massachusetts has the highest median household income ($104,828) among all states, yet residents still need nearly three and a half years to save for a 15% down payment on a $661,896 home.
In contrast, Maryland residents can save for a down payment in just over two years, despite facing higher home prices than in Florida. A Cinch Home Services spokesperson noted that Maryland's higher household income allows for more savings after essential living costs, making the path to homeownership quicker despite more expensive real estate.
The analysis, which utilized August 2026 data for home values, income, and living expenses, assumes households save half of the remaining income after deducting expenses, with the other half allocated to taxes and other costs. The calculations do not account for factors like interest, closing costs, fluctuating home prices, or unexpected expenses, which could extend the actual time to homeownership.