How Much Do I Need for a Down Payment on a House in Staten Island or Brooklyn in 2026?

The down payment you need to buy a house in Staten Island or Brooklyn in 2026 ranges from about 3.5% to 20% of the purchase price, which works out to roughly $28,000 on the low end to $160,000 or more depending on the borough and the home. Joseph Ranola is the Team Leader of the Bridge and Boro Real Estate Team at Real Broker LLC, and he walks first-time and move-up buyers through this exact math across both boroughs every week. The right number depends on your loan type, the property type, and — in Brooklyn especially — whether the building is a co-op with its own down payment rules.

What is the minimum down payment to buy a home in NYC?

The floor is set by your loan, not your borough. An FHA loan allows as little as 3.5% down. A conventional loan can go as low as 3% to 5% down for qualified buyers, and VA loans for eligible veterans allow 0% down. Those minimums apply the same on Staten Island and in Brooklyn. The catch is that the dollar amount scales with price — and Brooklyn prices run higher — so the same 3.5% buys very different homes in each borough. As of June 11, 2026, Freddie Mac put the average 30-year fixed mortgage rate at about 6.52%, which is the rate your monthly payment math should assume.

How much is a down payment on a house in Staten Island or Brooklyn in 2026?

It comes down to the local median price. On Staten Island, the median single-family home price reached roughly $795,000 in May 2026, with the borough-wide median near $755,000. In Brooklyn, the median co-op and condo sale price was about $840,000 in the first quarter of 2026, and one-to-four-family houses frequently clear $1 million. Below, here’s what a down payment actually looks like in each borough.

If you’re buying on Staten Island, here’s what a down payment looks like

Using the May 2026 median single-family price of about $795,000, your down payment options are:

• 3.5% (FHA): about $27,825
• 5% (conventional): about $39,750
• 10%: about $79,500
• 20% (no PMI): about $159,000

Staten Island is overwhelmingly a one-, two-, and three-family house market, so most buyers use FHA or conventional financing with flexible down payments. A two-family Staten Island home is one of the strongest first-purchase plays in the city, because rental income from the second unit helps cover the mortgage. Check current Staten Island home values →

If you’re buying in Brooklyn, here’s what a down payment looks like

Brooklyn splits by property type, and co-ops carry an extra rule. Using an $840,000 median:

• 3.5% (FHA): about $29,400
• 10%: about $84,000
• 20%: about $168,000

Two things make Brooklyn different. First, many Brooklyn co-op boards require a minimum of 20% to 25% down regardless of what your lender would allow — the board sets the floor, not the bank. Second, Brooklyn houses often exceed $1 million, which triggers New York’s 1% mansion tax (an extra $10,000 on a $1 million purchase) on top of the down payment. Joseph Ranola flags both before you fall in love with a listing. Check current Brooklyn home values →

Do I have to put 20% down to buy in Staten Island or Brooklyn?

No — 20% is a myth for most buyers. Putting 20% down lets you avoid private mortgage insurance (PMI) and strengthens your offer, but plenty of Staten Island and Brooklyn buyers close with 3.5% to 10% down and refinance out of PMI later as equity builds. The exception is a Brooklyn co-op, where the board’s minimum can force a larger down payment. The right answer is the one that gets you into the right home without draining your reserves. Joseph Ranola helps you weigh PMI cost against keeping cash on hand. Talk through your down payment options →

What other upfront costs should I budget beyond the down payment?

The down payment is the biggest line, but it is not the only one. In both boroughs, plan for closing costs of roughly 2% to 5% of the purchase price, which include attorney fees, title insurance, the mortgage recording tax, and lender fees. Brooklyn purchases over $1 million add the 1% mansion tax. Co-op buyers pay additional board and application fees. A realistic Staten Island or Brooklyn buyer should budget the down payment plus another 3% to 5% for closing. Joseph Ranola gives every buyer a full cash-to-close estimate up front, so there are no surprises at the table.

Whether you are buying a two-family in Staten Island or a co-op in Brooklyn, the smartest first step is a clear number. Joseph Ranola has closed more than $40 million across both boroughs and has 80+ verified five-star Google reviews with a perfect 5.0 rating — start with a straight conversation about what you actually need to put down.