If I had to guess, Anthony is just making a statement. My guess is he is driving around NY, as have I and my hubby and everytime you see a decent house, it turns out it is selling for $700,000 or more. Homes we all know that went for well under that just a few years ago. Something isnt right. Just as the mortgage rates are climbing, unfortunately, so are the costs of homes in NY. Unfortunately, the only homes available online are ones that yes, are in the price range we want but are so very old (1940's) and nothing has ever been updated thereby needing so much work that it makes it impossible for someone to purchase a home in NY AND be able to afford to update it unless you have cash on the side. However, if you have cash on the side, that much ($50,000 and more to update) we would be using it for the down payment.