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by Tanza Loudenback
February 28, 2018
by Tanza Loudenback
February 28, 2018
The narrative that millennials are eschewing all of the traditional habits of their parents is simply a myth, particularly when it comes to homebuying.
In fact, 65% of millennials still consider buying a home part of the American Dream, more than any other generation.
But burdensome student loan debt, high rent prices, and low wages are affecting their ability to save up for a down payment, contributing to the lowest homeownership rate in the US in decades.
Still, these factors vary across cities and states, and there are some places where it's more attainable for first-time buyers to enter the market.
New data from Bankrate discovered how first-time homebuyers fare in all 50 US states considering five factors:
Bankrate weighted each category equally to determine its ranking. States in the Midwest and the non-coastal West proved to be the most accommodating to first-time homebuyers, while California, New York, and Hawaii are the toughest states.
Below, check out the 15 states where it's easiest to become a homeowner.
The metrics included below were all used to calculate Bankrate's ranking, with the exception of median home value, which was sourced independently from Zillow.
iStock/BrianLasenby
Percent of median income toward mortgage: 20.1%
Unemployment rate: 7.2%
Under 35 homeownership rate: 35.5%
Median home value: $267,000
iStock
Percent of median income toward mortgage: 14.6%
Unemployment rate: 5.5%
Under 35 homeownership rate: 37.6%
Median home value: $114,400
Hannah Lorsch/Shutterstock
Percent of median income toward mortgage: 23.5%
Unemployment rate: 5.2%
Under 35 homeownership rate: 34.3%
Median home value: $197,900
City of Huntington-Current Information/Facebook
Percent of median income toward mortgage: 15%
Unemployment rate: 6.7%
Under 35 homeownership rate: 40.5%
Median home value: $119,500
Charles Knowles/Flickr
Percent of median income toward mortgage: 21.2%
Unemployment rate: 5.4%
Under 35 homeownership rate: 39.2%
Median home value: $183,000
Scruggelgreen/Shutterstock
Percent of median income toward mortgage: 13.9%
Unemployment rate: 3.8%
Under 35 homeownership rate: 38.4%
Median home value: $146,400
Jay Yuan/Shutterstock
Percent of median income toward mortgage: 16.9%
Unemployment rate: 4.4%
Under 35 homeownership rate: 33.8%
Median home value: N/A
Jerry Sanchez/Shutterstock
Percent of median income toward mortgage: 18.3%
Unemployment rate: 4.5%
Under 35 homeownership rate: 41.5%
Median home value: $194,000
Sopotnicki/Shutterstock
Percent of median income toward mortgage: 17.6%
Unemployment rate: 3.3%
Under 35 homeownership rate: 42%
Median home value: $172,100
Wikimedia Commons
Percent of median income toward mortgage: 17.2%
Unemployment rate: 3%
Under 35 homeownership rate: 37.1%
Median home value: $203,100
Stuart Seeger/Flickr
Percent of median income toward mortgage: 16.4%
Unemployment rate: 5.6%
Under 35 homeownership rate: 38.7%
Median home value: $139,800
City of Wichita-Government/Facebook
Percent of median income toward mortgage: 17.7%
Unemployment rate: 4.5%
Under 35 homeownership rate: 37.3%
Median home value: $124,000
Scruggelgreen/Shutterstock
Percent of median income toward mortgage: 16.5%
Unemployment rate: 4.4%
Under 35 homeownership rate: 45%
Median home value: $202,800
f11photo/Shutterstock
Percent of median income toward mortgage: 21.8%
Unemployment rate: 3.4%
Under 35 homeownership rate: 44%
Median home value: $242,300
Katie Haugland Bowen/Flickr
Percent of median income toward mortgage: 13.1%
Unemployment rate: 4.6%
Under 35 homeownership rate: 44.1%
Median home value: $138,200
This article was written by Tanza Loudenback from Business Insider and was legally licensed through the NewsCred publisher network. Please direct all licensing questions to legal@newscred.com.