In order to help Millennials find affordable housing, a recent study conducted by finance website GOBankingRates analyzed median home prices across the U.S. relative to the national median income for Millennials, defined as people ages 25 to 34, due to the Census Bureau’s data parameters.
This served as the basis for determining the amount of time it would take to afford the down payment and the estimated monthly mortgage payment in every state based on a 30-year, fixed-rate mortgage.
Some of the states with the biggest influx of Millennials in recent years — Oregon, Colorado and, of course, California — are among the top five worst for them to buy a home.
Here’s a look at the top five least affordable states for prospective Millennial homebuyers: 5.
Oregon Median list price: $375,500 Monthly mortgage payment: $2,014 4.
Hawaii Median list price: $615,000 Monthly mortgage payment: $3,256 Most Affordable States for Millennials A tough issue some of the most affordable states face with Millennials is their appeal, whether real or perceived.
Here’s a look at the top five most affordable states for prospective Millennial homebuyers: 5.
Indiana Median list price: $180,000 Monthly mortgage payment: $1,000 4.
Ohio Median list price: $169,900 Monthly mortgage payment: $948 2.
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