
Michigan: Among of the Best States for Young Homeowners
You've probably heard a young person say, "I'll have to live with my parents until I'm 40." But a new study finds that homeownership is attainable for people under 35, and Michigan fares well among states where young people are able to purchase houses.
Best States for Young Homeowners
An across-the-board shortage of homes and notoriously high mortgage rates make purchasing a home challenging for homebuyers of any age.
But a new report from Agent Advice (via Newsweek) indicates which states have the largest population of young homeowners. The data takes into account homeowners between 15 and 34 years old.
While North Dakota tops the list with 4.9 percent of its population being homeowners at a young age, Michigan comes in at number eight (in a three-way tie with Kansas and Kentucky) with 3.61 percent of homeowners falling into that 15 to 34 demographic.
What Makes Michigan Attractive to Young Homeowners?
Corbin Gearhart, the owner of Full Circle Real Estate Group in Holly tells Townsquare Media that she's not surprised that Michigan fares well with young home buyers.
"Compared to many states, average home values are much more affordable [in Michigan] than other states," Gearhart says. "Another factor is the availability of first-time home buyer programs. There are various programs aimed at encouraging homeownership among young people, including first-time homebuyer grants and low-interest loans."
Worst US States for Homeowners Under 35
The study ranks Hawaii, California, New York, and New Jersey at the bottom, likely due to the high cost of living in those states.
To illustrate how homeownership is challenging in those states, a recent Bankrate study shows that a buyers would need an annual income of $197,057 to qualify for a mortgage on a median-priced home in California.
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