N
ew York households face a daunting 23‑year wait to amass a 10% down‑payment, according to fresh ConsumerAffairs research. The study surveyed home‑buying prospects across all 50 states and found New Yorkers ranked third worst in the nation for reaching homeownership.

    The calculation is stark. From the state’s median income of $85,820, annual taxes, groceries, insurance and other essentials are subtracted, leaving roughly $24,800 in disposable income each year. Setting aside 10% of that—$2,480 annually—would take 23.1 years to reach a 10% down‑payment on a median home price that tops $550,000.

    Median prices in New York hover around $573,000, with the Big Apple’s sky‑high costs inflating the statewide average. Outside Manhattan, the median sale price dipped to about $439,000 in October, yet the overall figure remains steep. California and Montana lag even further, with 25.1 and 24.4 years respectively to save a 10% down‑payment.

    ConsumerAffairs’ Dayna Edens notes that a 10% down‑payment is a more realistic target than the traditional 20% benchmark, especially for first‑time buyers. “20% feels almost mythical these days,” she says. “10% is what people can actually manage.”

    In contrast, Midwestern states offer a faster path. Iowa’s median income and home price of $247,400 mean a typical resident can save a 10% down‑payment in just 8.7 years. Ohio follows closely at 9.9 years. The Midwest tops the list, with 12 of the 20 fastest states for saving up. Other states, including Texas, Maryland, and North Dakota, still require over a decade of saving.

    The data underscores a national affordability crisis, highlighting how high median home prices and modest disposable incomes combine to delay homeownership for many Americans.