Average New Yorker Needs To Save For 100 Years To Buy Home: Study

NEW YORK CITY — All it takes for the average New Yorker to buy a city home is a dream and 100 or more years of saving, according to a new real estate analysis.

The average New Yorker would need to save for 122 years to buy a Greenwich Village house, 104 years to buy a Midtown condo and 44 years to buy a coop in SoHo, according to a PropertyClub analysis released Monday.

"Homeownership is one of those classic American dreams," the analysis reads. "Though in recent years it’s become just that — a dream."

ProportyClub's analysts crunched the numbers to find out how long it would take a household earning $64,000 a year — the city's median income in 2018 — to save up for a 20 percent down payment for a house, condo and coop.

While Manhattan took first place with its 122 wait for the Greenwich Village house, Brooklyn claimed four of the top five spots with a 116 years to save for a Brooklyn Heights house, 83 years saving for a Cobble Hill house, 63 years saving for a Park Slope house and 57 years waiting for a Boerum Hill House.

House-hunters without a century to spare might try Middle Village, Maspeth and Jamaica Hills in Queens or Marine Park in Brooklyn, all of which would require 14 years saving, according to the analysis.

Apartment dwellers in a hurry won't fare much better than house hunters in Manhattan, PropertyClub found.

It will take 104 years to save for a Midtown condo, 86 years to save for a Tribeca condo, 81 years to save for an Upper East Side condo and 74 years to save for a Midtown west condo, the analysis shows.

But it won't take more than five years to save for a condo in Staten Island's Great Kills and New Springville or six for a condo in Parkchester in The Bronx or Canarsie, Brooklyn.

Coops were the most attainable of all the homes for sale with saving times topping out at a mere four decades, according to PropertyClub,

Average New Yorkers would likely need to save 44 years for a Soho coop, 40 for a Tribeca coop and 27 for a coop on the Upper East Side.

But it's just a two-year wait to save up for a Highbridge coop in The Bronx and just three years for a condo in Jamaica and Holliswood, Queens.

Find out where your neighborhood ranks on PropertyClub.