It takes decades to save for a 10% down payment in New York

The typical New York state household would need 23 years to save for just a 10% down payment on a home.

That’s according to jaw-dropping new data from ConsumerAffairs . The consumer platform took a snapshot of home buying prospects in all 50 states, and New Yorkers’ proximity to homeownership ranked as the third worst in the country.

The math is as simple as it is disheartening. Annual taxes and essential costs — ranging from groceries to insurance — were subtracted from the state’s median household income of $85,820. That left the average New York State resident with roughly $24,800 in disposable income each year. Setting aside 10% of this disposable income annually, or $2,480, will add up to a 10% down payment — in 23.1 years.

That’s because New York State’s median home price has ex