How much money should you really have for a down payment?

With the price of rent continuing to increase, often a monthly mortgage payment can cost less — and that’s for an apartment that is more renovated and is in your name.

But before you can move into that dream apartment that you actually own, there’s one pretty large obstacle standing in your way: the down payment.

In a recent study from Lending Tree, New York State ranked third in the country among the highest average down payments by amount, behind California and Washington, DC. With apartment listing prices in the millions, New York City skewed New York State’s results into the top three.

Read more on Elika’s Real Estate blog.