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
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