RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
  • Agents
  • Brokers
  • Teams
  • Marketing
  • Coaching
  • Technology
  • More
    • Headliners New
    • Luxury
    • Best Practices
    • Consumer
    • National
    • Our Editors
Join Premier
Sign In
RISMedia
  • News
  • Premier
  • Publications
  • Events
  • Education
  • Newsmakers
  • Power Broker
No Result
View All Result
RISMedia
No Result
View All Result

Best and Worst Places for Millennial Home-Buying

Home Consumer
By Liz Dominguez
November 21, 2017
Reading Time: 2 mins read
Best and Worst Places for Millennial Home-Buying

Charleston, West Virginia skyline, South Side Bridge, and the Kanawha River.

Members of the millennial generation, especially first-time buyers, are already struggling to purchase a home due to student loan debt, trouble saving for a down payment and tight inventory—factors cited in the National Association of REALTORS® (NAR) 2017 Profile of Home Buyers and Sellers. According to GOBankingRates, slow wage growth and low unemployment rates across the country are also impacting the homeownership rate.

There are, however, specific locations that may be easier to purchase in because of low median list prices and low monthly mortgage payments. GOBankingRates rated the most and least expensive states across the U.S. to help millennial buyers find affordable housing. The report uses a median income of $60,932 to represent ages 25-34, and the following rankings are based on a 20 percent down payment and a 30-year, fixed rate mortgage.

Top 5 Most Affordable States

  1. West Virginia
    Median Lis price: $154,900
    Estimated time to save for a down payment: 2.5 years
    Monthly mortgage payment: $693
  1. Ohio
    Median list price: $150,000
    Estimated time to save for a down payment: 2.5 years
    Monthly mortgage payment: $704
  1. Arkansas
    Median list price: $150,000
    Estimated time to save for a down payment: 2.5 years
    Monthly mortgage payment: $757
  1. Indiana
    Median list price: $167,000
    Estimated time to save for a down payment: 2.7 years
    Monthly mortgage payment: $757
  1. Iowa
    Median list price: $169,000
    Estimated time to save for a down payment: 2.8 years
    Monthly mortgage payment: $766

Top 5 Most Expensive States

  1. Hawaii
    Median list price: $599,000
    Estimated time to save for a down payment: 9.8 years
    Monthly mortgage payment: $2,584
  1. California
    Median list price: $499,950
    Estimated time to save for a down payment: 8.2 years
    Monthly mortgage payment: $2,168
  1. Massachusetts
    Median list price: $419,900
    Estimated time to save for a down payment: 6.9 years
    Monthly mortgage payment: $1,833
  1. Colorado
    Median list price: $408,068
    Estimated time to save for a down payment: 6.7 years
    Monthly mortgage payment: $1,780
  1. Oregon
    Median list price: $352,000
    Estimated time to save for a down payment: 5.8 years
    Monthly mortgage payment: $1,551

For more details, read the entire GOBankingRates report.

Liz Dominguez is RISMedia’s associate content editor. Email her your real estate news ideas at ldominguez@rismedia.com.

For the latest real estate news and trends, bookmark RISMedia.com.

Tags: First-Time HomebuyerGoBanking RatesMillennial Home-BuyingMillennial HomebuyerNARNAR Profile of Home Buyers and Sellersreal estate news
ShareTweetShare

Liz Dominguez

Related Posts

Mortgage Market Strain Starts to Squeeze Major Players
Agents

Mortgage Market Strain Starts to Squeeze Major Players

May 16, 2022
4 Tips to Instantly Improve Your Facebook Strategy
Agents

4 Tips to Instantly Improve Your Facebook Strategy

May 16, 2022
First Quarter 2022 Commercial Real Estate Metro Market Reports
Agents

First Quarter 2022 Commercial Real Estate Metro Market Reports

May 16, 2022
Wanda Gertin Named New CEO of Berkshire Hathaway HomeServices Ally Real Estate
Agents

Wanda Gertin Named New CEO of Berkshire Hathaway HomeServices Ally Real Estate

May 16, 2022
RealMLS Enhances Listing Service With Down Payment Resource
Agents

RealMLS Enhances Listing Service With Down Payment Resource

May 16, 2022
Family Matters: Balancing Personal and Business Relationships
Agents

Family Matters: Balancing Personal and Business Relationships

May 15, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Tip of the Day

NAR Secures Courtroom Victory During a Flurry of Recent Legal Woes

The U.S. District Court for Northern Illinois ordered to dismiss the Leeder v. The National Association of Realtors et al.... Read more.

Business Tip of the Day provided by

Recent Posts

  • Mortgage Market Strain Starts to Squeeze Major Players
  • 4 Tips to Instantly Improve Your Facebook Strategy
  • First Quarter 2022 Commercial Real Estate Metro Market Reports

Categories

  • Spotlights
  • Best Practices
  • Advice
  • Marketing
  • Technology
  • Social Media

The Most Important Real Estate News & Events

Click below to receive the latest real estate news and events directly to your inbox.

Sign Up
By signing up, you agree to our TOS and Privacy Policy.

About Blog Our Products Our Team Contact Advertise/Sponsor Media Kitt Email Whitelist Terms & Policies

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.

No Result
View All Result
  • Home
  • Premier
  • News
    • Agents
    • Brokers
    • Teams
    • Consumer
    • Marketing
    • Coaching
    • Technology
    • Headliners New
    • Luxury
    • Best Practices
    • National
    • Our Editors
  • Publications
    • Real Estate Magazine
    • Past Issues
    • Custom Covers
  • Events
    • Upcoming Events
    • Podcasts
    • Event Coverage
  • Education
    • Get Licensed
    • REALTOR® Courses
    • Continuing Education
    • Luxury Designation
    • Real Estate Tools
  • Newsmakers
    • 2022 Newsmakers
    • 2021 Newsmakers
    • 2020 Newsmakers
    • 2019 Newsmakers
  • Power Broker
    • 2022 Power Broker
    • 2021 Power Broker
    • 2020 Power Broker
    • 2019 Power Broker
  • Join Premier
  • Sign In

© 2022 RISMedia. All Rights Reserved. Design by Real Estate Webmasters.