So youre a millennial and you want to get serious about adulting.Owning a homesure would be a major milestone.
No more paying rent.
Youd be building equity.
Besides being a good investment, your home would be a castle to call your own.
Keep whatever pets you want, paint whatever rooms you like, etc.
But buying a home is a big deal.
Can you swing it?
It turns out that the state you live in makes a big difference.
Naturally, thatsless than convenientfor a lot of millennials.
Not surprisingly, housing in those hot spots is super-expensive.
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The top three: Iowa, Utah and Minnesota.
Iowa: A totally awesome place to buy your first house.
While you meditate on that, lets take a deeper look at the numbers.
Did you know?
(I know what youre wondering: OK, wheredoesmy state rank?
The ranking of all 50 states ishere.)
The bottom five:California, Hawaii, New York, Louisiana and Mississippi.
Conversely, the easy availability of affordable homes is why other states rose to the top.
The top five:Iowa, Utah, Minnesota, Kansas and Missouri.
Theyre immediately followed by both Dakotas and Wyoming.
That puts them at a disadvantage when theyre competing with current homeowners with built-up equity.
You dont have to start looking for a nice fixer-upper in Des Moines if you dont want to.
Hold off on calling that real estate agent in Cedar Rapids.
TheBankrateandCNNreports offer the following tips for first-time homebuyers:
Happy house hunting.
Your Turn: Are you thinking about buying a house?
Whats the most intimidating part of the process for you?
Mike Brassfield, a senior writer at The Penny Hoarder, is a staunch proponent of home ownership.
He can be reached at[email protected].
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