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 [?]