New Yorkers face one of the longest waits in the US to save for a home down payment

The American dream of homeownership is taking longer to reach — and New Yorkers face one of the steepest uphill climbs in the country.It would take a typical New York household roughly three years and eight months to save enough for a 15% down payment on a home, making the Empire State the fourth-hardest place in the nation to build up the cash needed to buy, according to a new study by Cinch Home Services.That’s nearly a full year longer than the national average of two years and nine months — and more than twice as long as in Iowa, where prospective buyers could reach the same milestone in just one year and nine months.In New York, where the typical home is valued at $526,714, buyers would need to stash away about $79,007 for a 15% down payment.For a household earning the state’s median annual income of $85,820, that would mean setting aside roughly $1,796 every month, according to the study’s calculations.The savings hurdle comes as housing affordability across much of the country may not return to 2018 levels until 2031 — with buyers in New York City and Long Island potentially facing an even longer wait.And New Yorkers aren’t alone in facing a yearslong savings slog.Hawaii topped the ranking as the toughest state for aspiring homeowners, with residents needing an estimated five years to save for a down payment.The typical home in the Aloha State is valued at $833,340, putting a 15% down payment at a whopping $125,001 — the highest in the country.Even with a median household income exceeding $100,000, residents would need to put away about $2,080 a month to reach that goal.California came in second, with a nearly four-year-and-10-month wait.A typical home there costs $764,158, requiring a down payment of roughly $114,624.Montana landed in a surprising third place, despite having substantially cheaper homes than Hawaii or California.With a typical home value of $471,746 and median household income of $75,340, residents would need nearly four year...