POLL: Would you spend $500K for a down payment in Manhattan?

December 14, 2016

6sqft has previously shared data that it only makes sense to buy a home in New York City after having lived here for 18.2 years, longer than anywhere else in the nation by a long shot. When and if that time comes, Manhattanities are looking to drop an average of $500,000 for a down payment, according to a new report from Property Shark. To put this figure into perspective, the average price nationwide to buy an entire home is $300,000. And in the Manhattan luxury market, the median down payment is a whopping $3.15 million, which might explain why, according to 2014 census data, only 32% of New Yorkers owned their homes.

[Via PropertyShark]

RELATED:

Get Inspired by NYC.

More: Real Estate Trends

Distinctive Homes

Paul Newman's Fifth Avenue co-op is on the market for $10M

This $3.75M Lefferts Manor townhouse has well-preserved historic details and every modern luxury

This $3.15M co-op embodies East Village cool, all grown up

SHOP THE LISTING: Claire Danes and Hugh Dancy's $9.75M West Village townhouse is an all-season urban refuge

Behold the breathtaking views from this $18M home on the Montauk coastline

VIEW ALL

November 7, 2024

$50M penthouse is the last residence available at the Upper East Side’s famed Surrey Hotel

By Aaron Ginsburg

Manhattan's famed Surrey Hotel is making a comeback. Following bankruptcy proceedings, new owners, and a renovation, the 100-year-old Art Deco landmark at 20 East 76th Street on the Upper East Side reopened last month as a condo hotel, with 100 hotel rooms and 14 condos, part of the Surrey Residences. Now, after a whisper sales campaign, just one remaining apartment is about to hit the market: a three-bedroom duplex penthouse asking $50,000,000. The sprawling residence, the building's most expensive, offers 5,195 square feet plus 2,346 square feet across three terraces and a private rooftop.
tour the penthouse