For potential homebuyers, here’s a tip: Condos in the Bronx require the smallest down payment out of all the boroughs, according to new data from StreetEasy.
While the citywide average for a condo down payment was 27.1% in 2015, which amounted to $242,391, buyers in the Bronx paid 20%, or $25,200, on average, according to the listings website.
On the other end of the spectrum, not surprisingly, is Manhattan, where condo seekers shelled out around 30.6% last year, or $447,398.
StreetEasy determined its numbers from data provided by the city Finance Department, but didn’t have enough to include Staten Island in its report.
As far as neighborhoods go, Soundview in the Bronx had the lowest average down payment for a condo out of the entire city in 2015. Buyers needed an average of just 4.6%, or $9,365. The next lowest neighborhood was Baychester, at 9%, followed by Kingsbridge, at 10%, both also in the Bronx.
The highest average down payment for a condo in 2015 was in Murray Hill, Queens, at 43.9%, which equaled $197,528.
The size of a down payment is significant because it amounts to a homeowner’s equity, according to StreetEasy. Likewise, saving as much as possible is key to increasing buying power.
If a buyer has $200,000 saved, he or she can buy a home for that amount, or pay 20% of the cost of a home worth $1 million, the site exemplified.