A recent report took a look at how much time it would take to save up a downpayment on a home in Queens.
PropertyClub recently released a report that sought to find out how long it would take the average New Yorker has to save up a 20 percent down payment for a house or condo at a median price. While neighborhoods in Manhattan and Brooklyn had the longest amount of time to save for a down payment (Manhattan’s Greenwich Village would require 122 years to save), Long Island City ranked at number 28, requiring 23 years to save up for a down payment on a house at a median price.
Following close behind at number 29 was Forest Hills, also requiring 23 years to save up for a house downpayment. Jamaica Estates was the third-longest Queens neighborhood with a 22-year savings time. Jumping down the list to numbers 46, 47 and 48 were Sunnyside, Astoria and Beechhurst, respectively, each requiring 19 years to save a 20 percent downpayment.
According to PropertyClub’s findings, saving for a 20 percent down payment on a median-priced condo in Queens didn’t see much improvement in saving times. While Long Island City ranked lower on the condo list at number 45, it would still require 18 years to save up for a 20 percent downpayment on a condo. Forest Hills also fell down the list to number 52, requiring 15 years to save up a condo down payment.
Elmhurst ranked at number 60, requiring 13 years to save for a condo down payment. Astoria, Douglaston and Rego Park ranked at 65, 66 and 67, respectively, each requiring 12 years to save for a down payment.
Read the full report at propertyclub.nyc.