Saving for a Down Payment in NYC & NJ: 9 Proven Strategies for First-Time Homebuyers
Posted by Robert DeFalco on
Saving for a down payment in competitive NYC and NJ markets can feel daunting, yet thousands succeed each year. This guide equips first-time buyers with realistic targets, grant shortcuts, and actionable budgeting hacks to transform disciplined saving into achievable homeownership.
Quick Takeaways
- Typical first-time buyers nationwide put down just 9%—far below the mythical 20%—according to 2024 NAR data.
- In NYC, the NYC HomeFirst overview can add up to $100,000, while NJ’s DPA offers $15,000—huge boosts that cut savings time dramatically.
- High-yield savings accounts still pay about 4.3% APY—roughly seven times the national average—so park your down-payment fund there, not in a checking account.
- Use the 50/30/20 budgeting rule: dedicate…
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