The average down payment in Manhattan is $500,000, while the median U.S. home cost|1/3
The average down payment in Manhattan is $500,000, while the median U.S. home cost|
As if we needed further proof that purchasing a home in the five boroughs costs much more than other cities, a new study found that New Yorkers’ down payments nearly double the average U.S. sales price.
According to real estate data provider PropertyShark, homes around the country cost on average $301,000, whereas down payments in Manhattan have reached $500,000 this year.
The jump between boroughs is also dramatic. Brooklyn comes in second — and nearly half of Manhattan — with a down payment of $226,000. Queens averages $187,660, while the Bronx is nearly $79,000.
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Another surprising point, PropertyShark found that 55 percent of Manhattan homebuyers paid cash — and only cash — for their new home. Cash purchases in Brooklyn, Queens and the Bronx averaged 30 percent, 32 percent and 36 percent, respectively.
PropertyShark did not provide any data on Staten Island.
Check out these infographics to see how the statistics have changed in Manhattan and Brooklyn over the years: