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If you want to buy in NYC, expect to put down a bigger down payment

Eastern Queens condo buyers should expect to put down the largest down payments.
NYC condo view

You won't be able to enjoy this view unless you can afford a large down payment.Peter Zoon/Flickr Creative Commons

The home pricesare not only sky-high in New York City, apparently so are the down payments.

“The size of a down payment is important for both its real value, which determines the amount of equity a buyer will have in a home and how much the home’s sale price is covered by the down payment, which often determines a buyer’s purchasing power,” StreetEasy writes in new blog post, which analyzed how much New Yorkers typically put down as a down payment for condos.

Using public mortgage data from the New York City Department of Finance, the analysis excluded co-ops as they “are not considered real property,” and therefore lack mortgage data, according to StreetEasy.

In 2015 a typical down payment as a share of a condo’s total sale price was 27.1 percent in 2015.

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“Considering that the standard or most popular option across the country is 20 percent, our findings suggest that New Yorkers save up a considerable amount for a slightly larger down payment on a condo unit,” StreetEasyconcluded.

The Bronx matches that standard at 20 percent with a typical down payment of $25,200, but the other boroughs are above it: 30.6 percent in Manhattan with a typical down payment of $447,398, 26.7 percent in Queens with a typical down payment of $124,406, and 25 percent in Brooklyn with a typical down payment of $176,250.

Eastern Queens in particular was where condo buyers are expected to put down the highest down payments, with the area’s Murray Hill section having a massive typical down payment of 43.9 percentor about $197,528.

Check out the interactive map below to see down payment trends in more New York City neighborhoods:

 
 
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