The American dream of homeownership is taking longer to reach — and New Yorkers face one of the steepest uphill climbs in the country.
It would take a typical New York household roughly three years and eight months to save enough for a 15% down payment on a home, making the Empire State the fourth-hardest place in the nation to build up the cash needed to buy, according to a new study by Cinch Home Services.
That’s nearly a full year longer than the national average of two years and nine months — and more than twice as long as in Iowa, where prospective buyers could reach the same milestone in just one year and nine months.
In New York, where the typical home is valued at $526,714, buyers would need to stash away about $79,007 for a 15% down payment.
For a household earning the state’s median annual income of $85,820, that would mean setting aside roughly $1,796 every month, according to the study’s calculations.
The savings hurdle comes as housing affordability across much of the country may not return to 2018 levels until 2031 — with buyers in New York City and Long Island potentially facing an even longer wait.
And New Yorkers aren’t alone in facing a yearslong savings slog.
Hawaii topped the ranking as the toughest state for aspiring homeowners, with residents needing an estimated five years to save for a down payment.
The typical home in the Aloha State is valued at $833,340, putting a 15% down payment at a whopping $125,001 — the highest in the country.
Even with a median household income exceeding $100,000, residents would need to put away about $2,080 a month to reach that goal.
California came in second, with a nearly four-year-and-10-month wait. A typical home there costs $764,158, requiring a down payment of roughly $114,624.
Montana landed in a surprising third place, despite having substantially cheaper homes than Hawaii or California.
With a typical home value of $471,746 and median household income of $75,340, residents would need nearly four years to save the $70,762 required for a 15% down payment.
Florida rounded out the five toughest states, with an estimated three-and-a-half-year wait to save $56,320 toward a typical $375,470 home.
The Sunshine State’s relatively modest home values compared with New York and California don’t necessarily translate into an easy path to ownership. The study estimates that a typical Florida household could save just $1,341 a month — the lowest monthly savings figure among the states occupying the top 10 ranking positions.
At the other end of the spectrum, America’s heartland offers a much shorter road to homeownership.
Iowa emerged as the easiest state to save for a down payment, with residents needing an estimated one year and nine months to accumulate $35,932 for a typical $239,547 home.
Kansas followed at one year and 10 months, while West Virginia ranked third, with a wait of roughly one year and 10 months.
West Virginia also had the lowest typical home value in the country, at just $179,496, meaning buyers would need to save only $26,924 for a 15% down payment.
Ohio and North Dakota rounded out the five states with the shortest estimated waits, both coming in at just under two years.
The findings highlight how home prices alone don’t tell the whole story when it comes to affordability.
Massachusetts, for instance, has the highest median household income of any state in the study, at $104,828. Yet residents would still need nearly three and a half years to save a 15% down payment on a typical $661,896 home.
Meanwhile, Maryland residents could reach their savings goal in just over two years, despite facing higher home prices than buyers in Florida.
“Massachusetts is a good example of why a high income doesn’t necessarily mean buying a home will happen quickly,” a Cinch Home Services spokesperson said in a statement.
“Maryland offers a surprising comparison. A typical home there costs more than in Florida, yet the estimated saving time is almost 17 months shorter. Its higher household income leaves more room to save after the living costs included in the study.”
The analysis used August 2026 home values from Zillow, household income and rent data from the Census Bureau, and estimates of grocery, health care and transportation expenses.
It assumed households earning their state’s median income could consistently save half of what remained after those living costs, with the other half going toward taxes and other expenses.
The calculations start with zero savings and don’t account for interest, closing costs, changes in home prices or unexpected expenses — meaning the actual road to homeownership could be considerably longer for some buyers.
“Of course, putting away the same amount every month for several years is difficult,” the spokesperson added. “A car repair or a gap between jobs can mean dipping into money that was meant for the house.”
And even after reaching that down payment goal, buyers still face the financial burden of mortgage payments, property taxes and maintenance — costs that can make owning a home a challenge long after the keys are handed over.