A Tough State for First-Time Homebuyers
New data from Bankrate shows that California is the toughest state for first-time homebuyers. Hawaii and New York round out the “top” three.
Bankrate’s study evaluated all 50 U.S. states based on several factors pertaining to young adults, including home affordability relative to median income, credit availability, unemployment, market tightness and homeownership percentage among under-35 households.
California ranks as the toughest state for first-time homebuyers for several reasons, including low home affordability (#49), availability (#49) and U-35 homeownership percentage (#49), as well as high millennial unemployment (#41).
Iowa, on the other hand, is the easiest state due in large part to the most affordable home prices in the country.
The Hawkeye State also graded highly for U-35 homeownership (#2) and millennial employment (#10). Utah, Minnesota, Kansas and Missouri comprise the rest of the five easiest states for first-time homebuyers.
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