LOS ANGELES, Oct. 23, 2018 /PRNewswire/ -- 43 percent of adults ages 25 to 34 said in a recent GOBankingRates survey that they're prioritizing saving for a home despite dealing with a number of financial woes like staggering student loan debt or minimal wage growth. In order to help today's generation find affordable housing, GOBankingRates evaluated all 50 states to find the most and least affordable destinations for aspiring millennial homeowners.

The study calculated how long it would take millennials to save for a down payment in each state and what their monthly mortgage would be. The mortgage payment amount and time to save for a down payment were scored to develop the final state affordability ranking. The study found that West Virginia is the best for millennials. Homes have the lowest median list price at $159,000 and monthly mortgage payments in West Virginia are also the lowest on the list.

Top 5 U.S. States for Millennials to Buy a Home In

1. West Virginia

• Median list price: $159,000
• Median millennial earnings: $50,130
• Monthly mortgage payment: $847
• Estimated time for millennials to save for a down payment: 3.2 years

2. Iowa

• Median list price: $179,000
• Median millennial earnings: $62,191
• Monthly mortgage payment: $995
• Estimated time for millennials to save for a down payment: 2.9 years

3. Ohio

• Median list price: $169,900
• Median millennial earnings: $55,894
• Monthly mortgage payment: $948
• Estimated time for millennials to save for a down payment: 3 years

4. Missouri

• Median list price: $180,000
• Median millennial earnings: $55,312
• Monthly mortgage payment: $1,000
• Estimated time for millennial to save for a down payment: 3.3 years

5. Indiana

• Median list price: $180,000
• Median millennial earnings: $54,948
• Monthly mortgage payment: $1,000
• Estimated time for millennials to save for a down payment: 3.3 years

To find the most affordable states for millennials, GOBankingRates started with the national median income for millennials ages 25 to 34, which is $60,932. Assuming millennials put away 20 percent of their salary each month to save for a down payment on a home, GOBankingRates determined the amount of time it would take to afford a 20 percent down payment and calculated the estimated monthly mortgage payment in every state based on a 30-year, fixed-rate mortgage.

Additional Insights

1. West Virginia is the only Southern state among the top five for millennials; the other four states are located in the Midwest.
2. Although Iowa is the No. 2 most affordable state for millennial homeowners, it takes the shortest amount of time for millennials to save for a down payment in this state at 2.9 years.
3. Hawaii is the least affordable state for millennials with a median list price at $615,000 and a monthly mortgage payment of $3,256. Millennials earn $6,076.25 per month, which means their mortgage payments take more than half of their earnings.
4.  The other four least affordable states for millennial homeowners are California, Massachusetts, Oregon and Washington.

About GOBankingRates

GOBankingRates.com is a personal finance news and features website dedicated to helping visitors Live Richer™. From tips on saving money to investing for retirement or finding a good interest rate, GOBankingRates helps turn financial goals into milestones and money dreams into realities. Its content is regularly featured on top-tier media outlets, including MSN, Yahoo!, AOL, Business Insider, CNBC, USA Today and dozens of others. GOBankingRates specializes in connecting consumers with the financial institutions and products that best match their needs. Start your journey toward a rich mind and full wallet with us at www.gobankingrates.com.

Contact:

Christine Kayayan, Media Relations
GOBankingRates.com
ckayayan@consumertrack.com 
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SOURCE GOBankingRates