Monday, April 2nd, 2012

NJ – Highest National Average Down Payment – YES!!!!

Of all of the states in the country, NJ is tops when it comes to the average down payment for a home.  Following NJ are Washington DC, NY, Hawaii, and CA.  The bottom are North Dakota, Wyoming, Oklahoma, Utah, and Tennessee.

NJ’s average down payment is 13.76%, about 1.5% higher than the national average.  Ok, let’s put this into perspective.  NJ is one of the highest earning / income states.  NJ is one of the most popular states whether you know it or not or agree with it or not.  We are also a mecca for residential suburban and urban folks who want to live close to the Financial Hub of the World in NYC.

So rightfully so we should have a high down payment.   Congress is looking into a law to require 20% down payment on a home.  I doubt that gets approved.  It will almost single handedly ruin any recovery we are seeing.

In New Jersey, its not so much that people can’t afford to put down 20%.  It’s the fact that people are just deciding to stay a bit more liquid these days.  Don’t read too much into this down payment crap.

Popularity: unranked [?]