How much down payment do I need in New York?

It's common to put down 20% of a home's price, which in the New York area would be around $158,400 for a typical home. Many options let you put down less, too. The median listing price for a home in the New York area is $792,000 right now. This price has gone up a bit, seeing a 2.2% increase from the previous month and a small 0.7% rise over the past year. There are 38,910 homes for sale, which is almost 5% more than last year, so you have a good selection. Homes are staying on the market for about 47 days before going under contract, which is a little faster than a year ago. While 20% is typical to avoid extra insurance costs, many lenders offer programs with lower down payments, some as low as 3-5%. This would mean a down payment between $23,760 and $39,600 for a median-priced home. Think about what monthly payment you can comfortably afford, as that often guides how much you need for a down payment.