Best and Worst Places for Millennial Home-Buying

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.

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Best and Worst Places for Millennial Home-Buying

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.

The post Best and Worst Places for Millennial Home-Buying appeared first on RISMedia.

Continue Reading →

$415,000 :: 4212 BOLD MEADOWS, Oakland Township MI, 48306

4 beds, 3.1 baths
Home size: 2,647 sq ft
Lot Size: 13,068 sq ft
Added: 11/21/17, Last Updated: 11/21/17
Property Type: Single Family
MLS Number: 217104321
Community: Oakland Twp
Tract: THE CROSSINGS SUB NO 1
Status: Active

Architecturally exciting elevations creates this one of a kind classic ~ Shockingly well priced while situated amongst exclusive Crossing Sub homes. A one time opportunity for the fortunate buyer first to discover this beauty ~ Relaxed yet refined interior boast of glistening hardwoods ~ bold granite with Island ~ All new stainless Steel appliances~ great room with FP ~ Finished lower level and deck for summer star gazing rank 2nd only to the massive impression created through exceptional landscaping of brick patio pavers ideal for exclusive private garden gatherings ~Formal dinning room ~ Library with French doors ~ convenient 1st floor laundry with mud room ~ this exceptional balance home offers a full kitchen lower level with full bath and cozy fireplace This home is very well maintained and shows pride of ownership ~ upscale Sub offers club house ~ pool ~tennis and walking trails …………… BATVAI.

Listed with Morgan & Milzow, REALTORS®


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$849,900 :: 849 STONEY CREEK, OAKLAND Township MI, 48363

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Property Photo

3 beds, 2 baths
Home size: 1,533 sq ft
Lot Size: 871,200 sq ft
Added: 11/21/17, Last Updated: 11/21/17
Property Type: Single Family
MLS Number: 58031335742
Community: Oakland Twp
Tract: NONE
Status: Active

Located on 20 acres of beautiful land, across from Myth Country Club, this 3 bed/1.5 bath ranch is a dream come true! Not only is this a hunters paradise but has rivers that flows through, gardens, camp ground, sheds, barn, garages and much more! You have to check out this one-of-a-kind property! *Seller to provide 1 year home warranty!

Listed with Realteam Real Estate SCS


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$849,900 :: 849 Stoney Creek, Oakland MI, 48363

3 beds, 2 baths
Home size: 1,533 sq ft
Lot Size: 871,200 sq ft
Added: 11/21/17, Last Updated: 11/21/17
Property Type: Single Family
MLS Number: 31335742
Community: Oakland Twp (63101)
Tract: NONE
Status: Active

Located on 20 acres of beautiful land, across from Myth Country Club, this 3 bed/1.5 bath ranch is a dream come true! Not only is this a hunters paradise but has rivers that flows through, gardens, camp ground, sheds, barn, garages and much more! You have to check out this one-of-a-kind property! *Seller to provide 1 year home warranty!

Listed with Realteam Real Estate SCS


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$400,000 :: 1763 QUINCY DR, Rochester Hills MI, 48306

Thumbnail for 82906
Property Photo

4 beds, 3 baths
Home size: 2,896 sq ft
Lot Size: 11,325 sq ft
Added: 11/19/17, Last Updated: 11/21/17
Property Type: Single Family
MLS Number: 21391793
Community: Rochester Hills (63151)
Tract: OXFORD ESTATES NO 2
Status: Pending

Wonderful opportunity to own a custom built home! Contemporary home, with large windows, great lighting, open floor plan, hardwood floors throughout including the upstairs and hallway and bedrooms. Updated kitchen custom cabinets with stainless steel appliances and pull out drawers. Large pantry, granite countertop with glass square backsplash, study with built-in cabinets, double doors with glass, circular staircase, updated half bath, updated master bath with European glass doors, dual sinks & four shower heads. Great room with brick natural fireplace, plantation shutters, mature trees in backyard, private deck & two car side turn garage. Rochester schools: Musson, Van Hoosen, Adams. Stamped concrete walkway and porch. Updates: Roof 8 years, windows 2 years, furnace 5 years. Low HOA $185 Annual. Exclusions : Piano, fridge at wet bar, washer & dryer.

Listed with Real Estate One-Rochester


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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$400,000 :: 1763 QUINCY Drive, Rochester Hills MI, 48306

Thumbnail for 82908
Property Photo

4 beds, 2.1 baths
Home size: 2,896 sq ft
Lot Size: 11,325 sq ft
Added: 11/21/17, Last Updated: 11/21/17
Property Type: Single Family
MLS Number: 217104187
Community: Rochester Hills
Tract: OXFORD ESTATES NO 2
Status: Pending

Wonderful opportunity to own a custom built home! Contemporary home, with large windows, great lighting, open floor plan, hardwood floors throughout including the upstairs and hallway and bedrooms. Updated kitchen custom cabinets with stainless steel appliances and pull out drawers. Large pantry, granite countertop with glass square backsplash, study with built-in cabinets, double doors with glass, circular staircase, updated half bath, updated master bath with
European glass doors, dual sinks & four shower heads. Great room with brick natural fireplace, plantation shutters, mature trees in backyard, private deck & two car side turn garage. Rochester schools: Musson, Van Hoosen, Adams. Stamped concrete walkway and porch. Updates: Roof 8 years, windows 2 years, furnace 5 years. Low HOA $185 Annual. Exclusions : Piano, fridge at wet bar, washer & dryer.

Listed with Real Estate One-Rochester


Brought to you by Janet Hull and Thomas Bush, Real Estate One, Inc.. Call me today at 1-855-Janet-Tom, or visit my website at www.JanetandThomas.com!


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