Millennials aren’t becoming home owners as quickly as their predecessors. One major reason: They simply can’t afford it.
In pricey states such as Hawaii or California, saving up to buy a home could take millennials up to a decade. However, in other more affordable locations, such as West Virginia and Ohio, the process can take as little as two and a half years.
That’s according to new data from GOBankingRates, which identified the most and least affordable states for millennials to buy homes by analyzing home listing price data from Zillow. GOBankingRates used the national median income for millennials, $60,932, to determine how long it would take to save for a 20 percent down payment, assuming 20 percent monthly savings.