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According to Rocket, the median home sold price in New York was $862,270 in January 2025.
How Much Do You Need for the Down Payment?
Luckily, you dont have to save $862,270 to buy a house.
You only need enough money for a down payment in the beginning.
Its good to review your income and expenses to see how much you might afford for your monthly payment.
A 20% down payment on a $862,270 home comes to $172,454.
How Much Do it’s crucial that you Save Each Month?
These calculations will assume that you’re able to roll the closing costs into the mortgage.
However, its good to give yourself a 2% to 5% buffer just to be safe.
If you want to make the higher 20% down payment, you need $172,454 ready to go.
You only need $25,868.10 for this down payment.
Saving $2,155.68 per month will get you there within a year.
The Bottom Line
Buying a house in New York is more expensive than in most areas.
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