New York State Among the Toughest for First-Time Homebuyers

Many of us dream of the day that we buy our own house. However, if you're thinking about owning a home in the Empire State, brace yourself. A recent study ranked New York as one of the toughest places for first-time homebuyers to save up for that their house deposit.

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This study by the real estate experts at Agent Advice, looked at median household incomes and home values across the U.S. They wanted to find out what states are the most wallet-draining for new homeowners.

New York didn't take the top spot as that "honor" went to Hawaii, with its eye-popping home values. It made it into the top ten list of least affordable states for saving up that down payment.

With a typical home value over $450,000 and a median household income of less then $80,000, New Yorkers have a ratio of 5.67. This means that the cost of houses in the state compared to what they are earning isn't  favorable for those looking to buy a piece of New York.

New York is not along as Hawaii, California, and other states are also making it tough  for first-time buyers to step onto the property ladder. It can make New Yorkers feel like they need a magic wand to come up their deposit.

If you're feeling the squeeze when it comes to saving for your dream home in New York or anywhere else, you're not alone. The struggle is real, but keep saving, and who knows, you may be sitting on that front porch sooner than you think.