STATEN ISLAND, N.Y. — In the first five months of 2025, approximately 56% of New York City homes were purchased with a mortgage. And, according to real estate data, Staten Island stood out as the city’s most mortgage-reliant market: A whopping 77% of borough buyers relied on financing to purchase a home.

“The cash versus mortgage split is a proxy for buyer type, not just a matter of preference,” noted a report penned by Eliza Theiss for Property Shark. “Cash buyers tend to be investors and high-net-worth individuals looking for speed and negotiating power. Mortgage-backed buyers are typically end users: First-time buyers, families or long-term residents purchasing primary homes rather than investment properties.”

And Theiss said the fact that 60% of all Manhattan sales closed without financing. — the highest share citywide — illustrates how concentrated wealth and liquidity are reshaping ownership patterns.

“In some of NYC’s most competitive markets, cash deals signal speed, purchasing power and cash buyers’ preference for higher-end homes,” Theiss wrote.

But in the outer boroughs, including Staten Island, cash buys were not as prevalent.

“As is often the case with the fifth borough, Staten Island stood apart,” the report noted. “No neighborhood passed the 50% threshold [of cash transactions] — a reflection of its deeply mortgage-reliant market. Still, pockets like Prince’s Bay and Rossville recorded cash premiums, hinting at small-scale investor demand and new residents flowing in from pricier boroughs like Brooklyn.”

And while the data signaled that the New York City ownership landscape is shifting, there is no definitive buyer profile.

“Overall, there is no single NYC buyer,” the report concluded. “But together, their decisions offer a detailed look at who’s buying into the city right now — and how those choices are reshaping ownership across the five boroughs.”

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