Report: Saving for a down payment for a New York City home takes 18 years

NEW YORK (WABC) -- A new report provides further proof of just how expensive it is to live in New York City.

According to Streeteasy, it takes the average American 7.3 years to save up for a down payment to buy a home.

But in the Big Apple, it takes more than a decade longer, an average of 18.1 years, to save the 20 percent down payment.

The main reason is high housing prices. The median price of a home sold in New York City is over $637,000, nearly three times the national figure.

The report said the city has a far higher share of first-time home buyers than the rest of the country.

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