While affordability challenges and volatile interest rates kept many prospective buyers on the sidelines in recent years, there were still plenty of current owners and renters considering their next move.
The Buyer Trends Survey by StreetEasy® provides a snapshot of prospective buyers (household decision makers that intend to buy a home in the next year) and successful buyers (household decision makers who purchased their current home within the last three years) in New York City in 2024. This report digs deeper into who the typical NYC buyer is, what they’re looking for in their next home and from their agent partner, and how they’re financing their purchase.
NOTE: Due to rounding, some percentages may not add up to 100%.
* indicates a question asked as “select all that apply.”
Prospective Buyers
The Typical Prospective Buyer
Age and Generation
The average age of prospective buyers in New York City is 46. The largest generational group of successful buyers in NYC is millennials, who were 30-44 years old in 2024 — but combined, older generations make up the largest share of prospective buyers.
| Age | ||
|---|---|---|
| 18-29 | 11% | |
| 30-39 | 32% | |
| 40-49 | 20% | |
| 50-59 | 15% | |
| 60+ | 22% |
| Generation | |
|---|---|
| Gen Z | 11% |
| Millennial | 43% |
| Gen X and older | 46% |
Gender
54% of prospective buyers identify as female while 46% identify as male.
Education
While the majority of prospective buyers have a bachelor’s degree or above, one in five buyers holds a high school diploma or less.
| Education Level | ||
|---|---|---|
| High school or less | 19% | |
| Some college | 15% | |
| Bachelor’s degree | 34% | |
| Post-graduate degree | 33% |
Marital Status
56% of prospective buyers are married, while 30% have never been married. The remaining 13% are divorced, separated, or widowed.
Buying Experience
A significant 82% of prospective buyers have lived in at least one rental in NYC before starting their journey toward homeownership. While most are current homeowners, about one in three are renters. Additionally, one in four prospective buyers owns their current home outright, without a mortgage.
| Current Homeownership Status | |
|---|---|
| Renter | 36% |
| Own with mortgage or loan | 31% |
| Own free and clear | 26% |
| Neither renter nor owner | 7% |
| Past Renter Status | |
|---|---|
| Lived in 1 NYC rental | 38% |
| Lived in 2 NYC rentals | 21% |
| Lived in 3 NYC rentals | 12% |
| Lived in 4+ NYC rentals | 11% |
| Never lived in an NYC rental | 18% |
| Co-Buying Status* | |
|---|---|
| None/buying alone | 44% |
| Partner/spouse | 43% |
| Friend | 9% |
| Relative | 6% |
| Additional Property Ownership | |
|---|---|
| Owns primary residence only | 65% |
| Owns additional real estate Vacation home: 49% Investment property: 31% Other residential property: 17% Commercial property: 3% | 35% |
Buyer Interests
Location
Queens and Brooklyn are the most popular boroughs for prospective buyers right now, though one in three buyers are also considering homes outside of NYC in addition to homes in the five boroughs.
Priorities
The majority of prospective homebuyers prioritize neighborhood amenities over things like commute time, public transit, proximity to family and friends, and more.
| Priorities* | |
|---|---|
| Neighborhood amenities | 62% |
| Commute time to work | 49% |
| Access to public transit | 40% |
| Proximity to family/friends | 37% |
| Proximity to school(s) | 31% |
| None of the above | 4% |
Home Type, Size, and Intended Use
Buyers show a strong preference for single-family detached homes, with 61% expressing interest, followed by condos at 27%. Co-ops attract the least interest, appealing to only 14% of buyers. Additionally, the largest share of buyers are primarily seeking homes with three bedrooms, followed by homes with two bedrooms.
| Home Types Considered* | |
|---|---|
| Single-family detached home | 61% |
| Condo | 27% |
| Townhouse | 23% |
| Multi-family home (e.g. with rentable units) | 19% |
| Co-op | 14% |
| Home Sizes Considered* | |
|---|---|
| Studio | 2% |
| 1 bed | 12% |
| 2 bed | 37% |
| 3 bed | 44% |
| 4+ bed | 25% |
| Intended Use | |
|---|---|
| Primary residence | 72% |
| Investment rental property | 9% |
| Resell or “flip” | 6% |
| Vacation home or secondary property | 5% |
| Other | 7% |
Financing: Mortgage
Home Price
A significant majority of buyers seeking a mortgage are focused on homes priced below $1 million, with just over 25% aiming for properties under $500,000.
| Home Prices Considered* | |
|---|---|
| <$500,000 | 28% |
| $500,000 to $749,999 | 31% |
| $750,000 to under $1 million | 25% |
| $1 million to under $2 million | 22% |
| $2 million to under $5 million | 4% |
| $5 million or more | 4% |
Down Payment
One in four prospective buyers intends to purchase their home entirely with cash. Meanwhile, half of buyers plan to secure a mortgage with a down payment of 20% or less, while 24% anticipate putting down more than 20%. Most prospective buyers with a mortgage intend to rely at least partially on savings for their down payment. However, 20% are utilizing funds from sold stocks or other investments, and more than 10% are tapping into their retirement savings. Additionally, nearly 20% are using proceeds from the sale of their previous home to contribute to the down payment on their new property.
| Down Payment Size | |
|---|---|
| All cash | 26% |
| <20% down | 20% |
| 20% down | 30% |
| 21-29% down | 7% |
| 30-39% down | 6% |
| 40-49% down | 5% |
| 50-59% down | 5% |
| 60-99% down | 2% |
| Funding Method for Down Payment* | |
|---|---|
| Saved up over time | 57% |
| Selling stocks or other investments | 21% |
| Sale of previous home | 17% |
| Loan from family/friends | 15% |
| Retirement fund | 14% |
| Inheritance/trust fund | 13% |
| Gift from family/friends | 11% |
| Corporate bonus | 11% |
| Parental Help | |
|---|---|
| Parents will not help with any of down payment | 49% |
| Parents might help with at least some of down payment | 37% |
| Parents will help with at least some of down payment | 14% |
Financing: Cash
Home Price
Similar to mortgage buyers, cash buyers predominantly focus on homes priced under $1 million, with an even larger proportion seeking properties below $500,000.
| Home Prices Considered* | |
|---|---|
| <$500,000 | 32% |
| $500,000 to $749,999 | 35% |
| $750,000 to under $1 million | 22% |
| $1 million to under $2 million | 8% |
| $2 million to under $5 million | 6% |
| $5 million or more | 3% |
Funding
Prospective buyers typically finance their purchase using savings they accumulated over time. However, cash buyers are more inclined to use funds from inheritances or trust funds, and are less likely to report selling stocks or other investments to make the purchase. Additionally, cash buyers are less likely than their financing counterparts to expect financial assistance from their parents to support their home purchase.
| Funding Method* | |
|---|---|
| Saved up over time | 51% |
| Sale of previous home | 22% |
| Inheritance/trust fund | 22% |
| Retirement fund | 19% |
| Selling stocks or other investments | 15% |
| Gift from family/friends | 11% |
| Loan from family/friends | 5% |
| Corporate bonus | 6% |
| Parental Help | |
|---|---|
| Parents will not help with any of the cost | 68% |
| Parents will help with at least some of the cost | 19% |
| Parents might help with at least some of the cost | 13% |
Agents
Agent Discovery
The majority of prospective buyers have either hired or plan to hire an agent to assist them at various stages of the home-buying process. Among those currently working with an agent, the primary method of finding the agent was through real estate websites or apps, such as StreetEasy or various brokerage platforms. Notably, less than 20% of prospective buyers discovered their agent through referrals from friends or family.
| Agent Status | |
|---|---|
| Have not but intend to hire an agent | 36% |
| Have hired an agent to help shop and purchase | 26% |
| Have hired an agent only to help finalize the purchase | 24% |
| Have not and do not intend to hire an agent | 14% |
| How Agent Was Found1 | |
|---|---|
| Real estate website or app | 39% |
| Friend/family referral | 17% |
| Social media | 15% |
| Past experience with the agent | 13% |
| Search engine | 11% |
| None of the above | 6% |
Agent Selection
Half of prospective buyers selected their agent based on the agent’s expertise in the specific building or area they’re interested in, while one-third chose their agent, at least in part, due to personal rapport.
| Reasons for Selecting Agent* | |
|---|---|
| Expertise in the building or area | 50% |
| Liked them personally | 36% |
| Impressed by past deals | 27% |
| None of the above | 7% |
Successful Buyers
The Typical Successful Buyer
Age and Generation
Among recent successful buyers in NYC, nearly half were first-time buyers. The average age of all successful buyers in NYC is 44 — the same as the national average (per the 2024 Zillow Consumer Housing Trends Report). The average age of first-time buyers in NYC is 42, while the average age of repeat buyers is 45. As with prospective buyers, millennials are the largest group of recent buyers, but older generations make up a slightly smaller share of successful buyers relative to prospective buyers.
| Age | ||
|---|---|---|
| 18-29 | 13% | |
| 30-39 | 33% | |
| 40-49 | 23% | |
| 50-59 | 13% | |
| 60+ | 17% |
| Generation | |
|---|---|
| Gen Z | 13% |
| Millennial | 44% |
| Gen X and older | 42% |
Gender
52% of successful buyers identify as female while 48% identify as male.
Education
While more than two thirds of successful buyers have a bachelor’s degree or above, 18% of buyers hold a high school diploma or less.
| Education Level | ||
|---|---|---|
| High school or less | 18% | |
| Some college | 15% | |
| Bachelor’s degree | 33% | |
| Post-graduate degree | 35% |
Marital Status
Among successful home buyers, 60% are married, while 31% have never been married. The remaining 10% are divorced, separated, or widowed.
Buying Experience
Three out of four buyers relocated from within NYC, and among those who moved from outside the five boroughs, the majority came from another city in New York state. Similar to prospective buyers, 77% of successful buyers had previously lived in at least one NYC rental. Additionally, 35% of successful buyers own a secondary property, with half owning an investment property and one in four owning a secondary residence.
| Buying Experience | |
|---|---|
| First-time buyer | 47% |
| Purchased one home previously | 35% |
| Purchased multiple homes previously | 18% |
| Previous Home Status | |
|---|---|
| Did not sell previous home | 69% |
| Sold previous home | 31% |
| Past Renter Status | |
|---|---|
| Lived in 1 NYC rental | 38% |
| Lived in 2 NYC rentals | 21% |
| Lived in 3 NYC rentals | 12% |
| Lived in 4+ NYC rentals | 6% |
| Never lived in an NYC rental | 22% |
| Co-Buying Status* | |
|---|---|
| None/buying alone | 36% |
| Partner/spouse | 51% |
| Relative | 9% |
| Friend | 6% |
| Additional Property Ownership | |
|---|---|
| Owns primary residence only | 62% |
| Owns additional real estate Investment property: 52% Other residential property: 26% Vacation home: 17% Commercial property: 5% | 38% |
Buyer Interests
Priorities
Compared to their prospective buyer counterparts, successful buyers placed a higher emphasis on proximity to family and friends in their home-buying decisions.
| Priorities* | |
|---|---|
| Neighborhood amenities | 65% |
| Commute time to work | 49% |
| Proximity to family/friends | 48% |
| Access to public transit | 47% |
| Proximity to school(s) | 34% |
| None of the above | 6% |
Home Size
Similar to prospective buyers, successful buyers predominantly sought homes with two to three bedrooms.
| Home Sizes Considered* | |
|---|---|
| Studio | 1% |
| 1 bed | 7% |
| 2 bed | 35% |
| 3 bed | 33% |
| 4+ bed | 25% |
Offers
Notably, one-third of successful buyers made two offers before finalizing their home purchase, whereas one-quarter were able to secure their home with just a single offer.
| Number of Offers Submitted | |
|---|---|
| 0 offers2 | 11% |
| 1 offer | 27% |
| 2 offers | 35% |
| 3 offers | 16% |
| 4 offers | 8% |
| 5+ offers | 4% |
2Typically applies to purchases made by a relative or acquaintance, or other unusual situations.
Financing: Mortgage
Down Payment
Like prospective buyers, approximately 25% of successful buyers purchased their home outright with cash. Among successful buyers who obtained a mortgage, 34% put down more than 20%, compared to 24% of prospective buyers who reported plans to make a down payment exceeding 20%. Additionally, successful mortgage buyers are more likely than prospective buyers to report borrowing or receiving gifts from family or friends to help fund their down payment, with two in five benefiting from at least one of such arrangements.
| Down Payment Size | |
|---|---|
| All cash | 28% |
| <20% down | 17% |
| 20% down | 20% |
| 21-29% down | 8% |
| 30-39% down | 13% |
| 40-49% down | 4% |
| 50-59% down | 7% |
| 60-99% down | 3% |
| Funding Method for Down Payment* | |
|---|---|
| Saved up over time | 61% |
| Loan from family/friends | 25% |
| Selling stocks or other investments | 23% |
| Sale of previous home | 15% |
| Gift from family/friends | 13% |
| Inheritance/trust fund | 13% |
| Retirement fund | 11% |
| Corporate bonus | 7% |
| Parental Help | |
|---|---|
| Parents did not help with any of down payment | 57% |
| Parents funded small part of down payment | 10% |
| Parents funded some of down payment | 28% |
| Parents funded entire down payment | 5% |
Current Mortgage Status
Nearly one-third of successful buyers currently own their homes free and clear, without any mortgage obligations.
| Current Mortgage Status | |
|---|---|
| Mortgage or loan | 69% |
| Own free and clear | 31% |
Financing: Cash
Funding
Relative to prospective cash buyers, successful cash buyers were significantly more likely to report purchasing their home using a gift (31%) or loan (22%) from family or friends. However, successful cash buyers were less inclined than prospective buyers to use money sourced from an inheritance or trust fund, with only one in ten doing so.
| Funding Method* | |
|---|---|
| Saved up over time | 67% |
| Gift from family/friends | 31% |
| Selling stocks or other investments | 27% |
| Sale of previous home | 23% |
| Loan from family/friends | 22% |
| Retirement fund | 19% |
| Corporate bonus | 16% |
| Inheritance/trust fund | 9% |
| Parental Help | |
|---|---|
| Parents did not help with any of the cost | 64% |
| Parents funded small part of the cost | 12% |
| Parents funded some of the cost | 12% |
| Parents funded the entire cost | 13% |
Agents
Agent Discovery
An overwhelming majority of successful buyers — 90% — hired an agent to assist them at some stage of their home-buying journey. While most engaged an agent to help find and purchase their home, approximately one in three used an agent solely for finalizing their purchase, opting to shop independently.
| Agent Status | |
|---|---|
| Used an agent to help shop and purchase | 62% |
| Used an agent only to help finalize the purchase | 29% |
| Did not use an agent | 9% |
| How Agent Was Found1 | |
|---|---|
| Real estate website or app | 41% |
| Past experience with the agent | 16% |
| Friend/family referral | 16% |
| Social media | 9% |
| Search engine | 8% |
| None of the above | 8% |
Agent Selection
Successful buyers were slightly more inclined than prospective buyers to select their agent based on the agent’s prior transactions, with one in three indicating this as a key reason for their choice. When asked about the most valuable contributions of their agents, successful buyers cited organization and submission of paperwork (20%) and identifying potential homes (20%) as significant areas of assistance. However, less than 10% of successful buyers found their agent helpful in navigating the building’s board approval process, determining offer specifics, referring them to mortgage lenders, or providing insights about neighborhoods or buildings.
| Reasons for Selecting Agent* | |
|---|---|
| Expertise in the building or area | 46% |
| Liked them personally | 37% |
| Impressed by past deals | 32% |
| None of the above | 14% |
| How Agent Was Most Helpful | |
|---|---|
| Organizing and submitting paperwork | 21% |
| Identifying homes to consider | 21% |
| Facilitating private home tours | 17% |
| Leading contract negotiations | 10% |
| Navigating building board approval | 9% |
| Deciding offer details | 8% |
| Referring to a mortgage lender | 8% |
| Providing insights about neighborhood(s) or building(s) | 6% |
Research Methodology
Zillow Group Population Science surveyed 1,369 prospective and 1,111 successful NYC buyers between July and September 2024. The survey respondents were recruited and weighted to match the demographic characteristics of New York City adult buyers from the U.S. Census Bureau’s American Community Survey 2022. To reduce response bias, survey respondents were not told that Zillow Group was conducting the survey. Additional quality control measures were taken to ensure data accuracy, as in the 2024 Zillow Consumer Housing Trends Report.
Successful buyers, for the purpose of survey recruitment, are defined as buyers who moved into the home they purchased in the past three years. A majority of buyers in this sample (75%) purchased their home within the past 12 months. Prospective buyers are defined as those who intend to buy a home in the next 12 months, and are not recent successful buyers.
StreetEasy is an assumed name of Zillow, Inc. which has a real estate brokerage license in all 50 states and D.C. See real estate licenses. StreetEasy does not intend to interfere with any agency agreement you may have with a real estate professional or solicit your business if you are already under contract to purchase or sell property. All data for uncited sources in this presentation has been sourced from Zillow data. Copyright © 2025 by Zillow, Inc. and/or its affiliates. All rights reserved.
