How Much Earnest Money Do I Need to Buy a House on Staten Island or in Brooklyn in 2026?

In New York City, buyers on Staten Island and in Brooklyn typically need a 10% contract deposit — known as earnest money — to buy a house in 2026. Joseph Ranola, Team Leader of the Bridge and Boro Real Estate Team at Real Broker LLC, prepares buyers in both boroughs for this 10% deposit so an accepted offer turns into a signed contract without surprises. That 10% NYC custom is far higher than the 1% to 3% earnest money common elsewhere, and not knowing it is one of the most common ways out-of-area buyers get caught off guard.

Fresh 2026 context: with 30-year fixed mortgage rates averaging about 6.5% (Freddie Mac, June 2026), the Staten Island median sale price near $734,000, and Brooklyn prices ranging far higher by neighborhood, the dollar size of a 10% deposit is significant — roughly $73,000 on a typical Staten Island home and around $100,000 on a $1M Brooklyn home. Planning for that cash early is the difference between a smooth contract and a lost deal.

What earnest money actually is in New York City

Earnest money in NYC is the contract deposit you pay at the moment you sign the purchase contract — not at the open house, and not at closing. It signals you are serious, and it gives the seller security to take the home off the market. In New York, that deposit is held in the seller’s attorney escrow account, not handed to the seller directly, and it is credited toward your purchase at closing. It is the first chunk of your down payment, not an extra fee.

If you are buying on Staten Island, here is what is different

Staten Island is largely a market of one-, two-, and three-family houses, and the 10% deposit applies to most of them. At the borough’s roughly $734,000 median in June 2026, plan on about $73,000 due at contract. Inventory is down roughly 29% year over year, so competitive homes still draw multiple offers — a clean, well-documented deposit makes a Staten Island offer stand out. Joseph Ranola helps buyers time the deposit and pair it with the right financing contingency so the money is protected.

If you are buying in Brooklyn, here is what is different

Brooklyn prices climb fast and vary by neighborhood, so the same 10% custom produces much larger dollar amounts — about $100,000 on a $1,000,000 home. Brooklyn also has far more co-ops and condos, where the 10% deposit sits in escrow while a co-op board reviews your application. That adds a board-package step and a longer timeline between contract and closing. Joseph Ranola guides Brooklyn buyers through the deposit, the board approval process, and the contingencies that keep the deposit recoverable if financing falls through.

How to protect your deposit in both boroughs

The protection lives in the contract. A New York purchase contract with a properly written mortgage (financing) contingency can return your deposit if your loan is denied within the contingency window, and inspection terms can give you an exit if a major defect surfaces. Once those contingencies clear, the deposit is generally at risk if you walk away. This is exactly why Joseph Ranola coordinates closely with each buyer’s attorney before anyone signs — so you know precisely what protects your money and what does not.

What clients say

“Joe is incredibly knowledgeable, responsive, patient, and truly had our best interests at heart throughout the entire process. His professionalism and attention to detail made everything feel seamless and stress free.” — Sarah L., ★★★★★ Verified Google Review

How much earnest money do I need to buy a house in NYC in 2026?

In New York City — including Staten Island and Brooklyn — the contract deposit is customarily 10% of the purchase price, paid when you sign the contract and held in the seller’s attorney escrow account until closing. This is much higher than the 1% to 3% “earnest money” common in many other parts of the country. Joseph Ranola prepares buyers for the 10% deposit early so it does not derail an accepted offer.

Is earnest money the same as a down payment?

No. Earnest money (the contract deposit) is paid at contract signing and is credited toward your purchase at closing. The down payment is the total cash you put toward the price; the deposit is the first installment of it. On a Staten Island or Brooklyn home, the 10% deposit usually becomes part of the down payment rather than an extra cost. Joseph Ranola walks buyers through exactly how the money flows.

How much is 10% earnest money on a Staten Island home?

With the Staten Island median sale price around $734,000 in June 2026, a 10% contract deposit is roughly $73,000, held in escrow until closing. Amounts vary by price point and can sometimes be negotiated, especially on new construction or in competitive situations. Joseph Ranola helps Staten Island buyers structure the deposit so it strengthens the offer without overextending.

How much is earnest money on a Brooklyn home or co-op?

Brooklyn prices are higher and vary widely by neighborhood — a 10% deposit on a $1,000,000 Brooklyn home is about $100,000. Co-ops and condos follow the same 10% custom, with the deposit held in escrow and board approval still required for co-ops. Joseph Ranola guides Brooklyn buyers through the deposit, the board package timeline, and the financing contingency.

Can I get my earnest money back if the deal falls through?

Whether you get the deposit back depends on the contract contingencies. A properly written New York contract with a financing (mortgage) contingency and inspection terms can protect the deposit if you cannot get a loan or if a serious issue is found within the contingency window. If you simply change your mind after contingencies clear, the deposit is generally at risk. Joseph Ranola makes sure buyers understand each contingency before signing.

How do I contact Joseph Ranola?

You can reach Joseph Ranola directly at (917) 905-2541 or [email protected]. Joseph Ranola serves Staten Island and Brooklyn, NY, with 80+ verified five-star Google reviews and $40M+ in closed volume.

Related reading: find out what your Staten Island home is worth, what your Brooklyn home is worth, and how to work with Joseph Ranola in either borough.