Team Clark is adamant that we will never write content influenced by or paid for by an advertiser. To support our work, we do make money from some links to companies and deals on our site. Learn more about our guarantee here.
It’s been well known in real estate circles for years that location is supremely important when it comes to buying a home. If you’re a millennial, you may be wondering where in these great United States are the most affordable areas to purchase a home.
Young adults today face a number financial challenges that make it hard for them to realize the dream of home ownership, including student loan obligations and stagnant wages.
So, where, you might ask, are young people to go? Is there a specific part of the country that may be more mortgage-friendly for them?
GoBankingRates.com looked at all 50 states to rank the most and least affordable places for millennials looking to buy a home.
The site was able to come up with an estimated monthly mortgage payment in every state based on a 30-year fixed mortgage, assuming the borrower put 20% of their monthly income toward saving for a down payment.
The final figures, called state affordability rankings, represent the destinations with the highest and lowest down payment and mortgage costs, taking into account median earning. Here are the states with the lowest median list price combined with those other figures.
| Rank | Median list price | Median earnings / mortgage | Estimated time to save for down payment |
| 1. West Virginia | $159,000 | $50,130 / $847 | Time it would take to save for a down payment: 3.2 years |
| 2. Iowa | $179,000 | $62,191 / $995 | Time it would take to save for a down payment: 2.9 years |
| 3. Ohio | $169,900 | $55,894 / $948 | Time it would take to save for a down payment: 3 years |
| 4. Missouri | $180,000 | $55,312 / $1,000 | Time it would take to save for a down payment: 3.3 years |
| 5. Indiana | $180,000 | $54,948 / $1,000 | Time it would take to save for a down payment: 3.3 years |
This post was last modified on October 23, 2018 4:41 pm
Being invited to a destination wedding can be a celebratory affair for all involved, but…
Are you looking for a good cash back credit card with no annual fee? The…
A 401(k) plan is one of the best benefits you can receive as a full-time…
A recent warning from the federal authorities cautions drivers to be on the lookout for…
Even if you're a travel veteran, the thought of sprinting through the airport with your…
Vanguard, one of Team Clark's favorite brokerage firms, recently announced to its customers several "junk…