It takes decades to save for a 10% home down payment in New York: Study

The typical New York State household would need 23 years to save for just a 10% down payment on a home.That’s according to jaw-dropping new data from ConsumerAffairs.The consumer platform took a snapshot of home buying prospects in all 50 states, and New Yorkers’ proximity to homeownership ranked as the third worst in the country.The math is as simple as it is disheartening.

Annual taxes and essential costs — ranging from groceries to insurance — were subtracted from the state’s median household income of $85,820.That left the average New York State resident with roughly $24,800 in disposable income each year.

Setting aside 10% of this disposable income annually, or $2,480, will add up to a 10% down payment — in 23.1 years.That’s because New York State’s median home price has exceeded $550,000 every month this year, according to Redfin.The median price in the ConsumerAffiars data was a whopping $573,000.For many New Yorkers, penny pinching $57,300 can feel like a pipe dream.The state’s median price is skewed by the Big Apple’s notoriously high housing costs.

After all, it is the world’s wealthiest city.Far from the bright lights of Broadway, however, the median home sales price was hovering around a still-hefty $439,000 in October, according to Redfin.California and Montana yielded even longer savings timelines than New York, measuring 25.1 and 24.4 years, respectively.

Dayna Edens of ConsumerAffairs told The Post that their chosen benchmark of a 10% downpayment was more realistic than the typical rule of thumb, 20% — especially for first-time buyers“10% is just a lot closer to what people can actually manage these days,” Edens said.“It seems like 20% has almost become a mythical benchmark for first time buyers trying to get into the market,” she added.If you’re sick and tired of hearing about your grandfather’s $33,000 starter home in 1973, you can look towards states like Iowa and Ohio.Those states offered the speediest pa...