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States With Smallest Downpayments
Wyoming Has Lowest Average Downpayments
Dec. 8, 2011
By SAM GARCIA Mortgage Daily
Borrowers in some cities are making bigger downpayments than homebuyers in other communities, according to a new report.
For instance, the average downpayment for borrowers was lowest in Wyoming, where the average was just 11.42 percent.
LendingTree.com, which reported the data, said the U.S. average was 12.29 percent.
Oklahoma's average downpayment of 11.67 percent landed it in the second spot.
Next was Utah's 11.75 percent and Tennessee's 11.75 percent.
At the other end of the scale was New Jersey, where the average homebuyer made a 13.76 percent downpayment. But the Garden State has higher average home prices, and borrowers there spend a bigger share of there income than other states.