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Ohio ranked No. 2 most affordable state for millennials to buy a home

Posted: 4:03 PM, Nov 27, 2017
Updated: 2017-11-28 03:15:46Z
Ohio ranked No. 2 most affordable state for millennials to buy a home

Cleveland is making a comeback, giving millennials a reason to either move back home or move to a cool new place.

Millennials are contributing to the re-urbanization of Cleveland and one thing luring them to the area is the home buying potential. According to GO BankingRate , Ohio is the second best state where millennials' paychecks go the farthest toward buying a home.

With the median list price sitting at $154,000 and only about two and a half years needed to save for a down payment, Ohio is an ideal spot for millennials to buy a house and plant roots. Not to mention with an average monthly mortgage payment of only $704, Ohio housing prices make it easier to put the rest of your money towards other areas of your life.

According to the  Cleveland Foundation , Cleveland is among the top ten U.S. cities for population growth of college-educated millennial residents. Last year, the foundation reported a 76 percent increase in residents between the ages of 25 and 34 since the year 2000.

The top 15 states for millennials homebuyers are:

  1. West Virginia
    1. Median list price: $150,000
    2. No. of years to save for a down payment: 2.5
    3. Monthly mortgage payment: $693
  2. Ohio
    1. Median list price: $154,000
    2. No. of years to save for a down payment: 2.5
    3. Monthly mortgage payment: $704
  3. Arkansas
    1. Median list price: $164,900
    2. No. of years to save for a down payment: 2.7
    3. Monthly mortgage payment: $757
  4. Indiana
    1. Median list price: $167,000
    2. No. of years to save for down payment: 2.7
    3. Monthly mortgage payment: $757
  5. Iowa
    1. Median list price: $169,000
    2. No. of years to save for down payment: 2.8
    3. Monthly mortgage payment: $766
  6. Kentucky
    1. Median list price: $169,000
    2. No. of years to save for down payment: 2.8
    3. Monthly mortgage payment: $765
  7. Kansas
    1. Median list price: $169,000
    2. No. of years to save for down payment: 2.8
    3. Monthly mortgage payment: $766
  8. Michigan
    1. Median list price: $169,900
    2. No. of years to save for down payment: 2.8
    3. Monthly mortgage payment: $767
  9. Missouri
    1. Median list price: $169,900
    2. No. of years to save for down payment: 2.8
    3. Monthly mortgage payment: $768
  10. Mississippi
    1. Median list price: $175,000
    2. No. of years to save for down payment: 2.9
    3. Monthly mortgage payment: $789
  11. Oklahoma
    1. Median list price: $179,900
    2. No. of years to save for down payment: 3
    3. Monthly mortgage payment: $810
  12. Pennsylvania
    1. Median list price: $189,900
    2. No. of years to save for down payment: 3.1
    3. Monthly mortgage payment: $846
  13. Wisconsin
    1. Median list price: $195,000
    2. No. of years to save for down payment: 3.2
    3. Monthly mortgage payment: $868
  14. Alabama
    1. Median list price: $193,900
    2. No. of years to save for down payment: 3.2
    3. Monthly mortgage payment: $881
  15. Nebraska
    1. Median list price: $197,500
    2. No. of years to save for down payment: 3.2
    3. Monthly mortgage payment: $881