Younger buyers are looking for affordable homes in strong job markets. Iowa just might be the place they’re looking for.
Iowa placed first in a ranking of the best states for first-time buyers. Through new data from Bankrate, Business Insider found that other interior states, such as Utah, Wyoming, Kansas, Minnesota, South Dakota, and Indiana, are great options for Millennials that are looking for homes.
The list is based on five factors: housing affordability, the entry-level job market, growth of housing stock, credit availability, and the Millennial homeownership rate.
Iowa, for instance, has a median home value of only $138,200, and an under-35 homeownership rate of 44 percent. Iowans pay only 13 percent of their income toward their mortgage.