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    HomeSuccessStartupsThese states have the very best—and lowest—millennial homeownership rates in America

    These states have the very best—and lowest—millennial homeownership rates in America

    Millennials in America have hit a major milestone based on the newest data from the U.S. Census Bureau: a homeownership rate of 51.5%.

    While it’s true that more millennials own homes now than ever before, where you purchase a house could make or break whether you may have the option to afford to maintain it, especially coming from a generation that got here of age through the financial crisis.

    In September, Scholaroo, a school scholarship resource, ranked the states with the very best and lowest millennial homeownership rates based on data from the U.S. Census Bureau.

    5 states with the very best millennial homeownership rate

    1. Iowa
    2. Minnesota
    3. Maine
    4. West Virginia
    5. Michigan

    Iowa has probably the most millennial homeowners with a rate of 63%, based on the U.S. Census Bureau.

    The state also ranked No. 1 for affordability and No. 5 best for private finance.

    Zillow states that the common Iowa home value is $212,062, up 3.0% over the past 12 months. While based on Bank Rate, the median house price in Iowa is $239,000.

    On top of being one in every of the states with the very best millennial homeownership, it’s also one in every of the least stressed states in America, based on WalletHub.

    Iowa has the very best millennial homeownership rate, based on Scholaroo.
    John Elk | The Image Bank | Getty Images

    Iowa can be one of the reasonably priced states for retirees. The Midwest state topped the rankings as a consequence of its low crime, good healthcare options, and affordability, based on Bankrate.

    5 states with the bottom homeownership rate

    1. Hawaii
    2. California
    3. Latest York
    4. Nevada
    5. Rhode Island

    Hawaii has the bottom homeownership amongst millennials, with a rate of 33%,

    In the identical Scholaroo report, Hawaii ranked No. 1 for health and No. 5 for political and social environment.

    In CNBC’s 2022 America’s Top States for Business study, Hawaii claimed the highest spot, as the most costly state to live in based on an index of costs for a variety of products and services.

    Hawaii has the bottom millennial homeownership rate within the U.S.
    Colton Stiffler | Moment | Getty Images

    In an August doxo report, Hawaii was the most costly U.S. state based on monthly costs. Residents spend $3,070 monthly, which is 50% above the national average of $2,046.

    The typical monthly bill for a mortgage in Hawaii is $2,247, while the common rent is $1,856.

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