- Minnesota ranks as the most desired state among young people to buy property, with 50.8% of people under 35 owning a home.
- Utah stands out as the state with the highest income for young adults at $95,2K.
- West Virginia provides the cheapest houses for sale, with an average price of around $158K.
A recent study by Evernest identified the U.S. states where young people prefer to buy property. The analysis took into account the range of key factors, including homeownership rate for people under 35, average young adult income, house prices, and the number of houses with a mortgage. The states are ranked by the final score, which was calculated based on all factors described above but with the priority given to young people's homeownership.
You can access the full research by following this link.
The U.S. state where young people prefer to buy property the most is Minnesota, with 50.8% of people under 35 owning a home. Most of the homebuyers pay a mortgage on their house in the state but Minnesota provides high salaries for young adults which sum to $94.8K on average.
Michigan ranks second in the list of U.S. states where young people prefer to be homeowners, with a score of 83.6 and 49.3% of people under 35 owning a house. The houses in the state are much more affordable than in Minnesota, averaging $236.6K but overall salaries are lower.
Alabama follows closely with third place and 49.1% of young people owning a home in the state. The average house price in Alabama comes to $222.5K and only 56.3% of homeowners pay a mortgage on their house.
Indiana takes fourth place, scoring 79.7. In the state, 47% of people under 35 own a house, which costs $231.6K on average. The income for young adults in Indiana is similar to Michigan.
Utah is fifth in the ranking of the U.S. states where young people prefer to buy property, with a score of 78.9. Closely following Indiana, 46.1% of people under 35 own a house here but the state has the most houses with a mortgage at 71.1%.
West Virginia comes in sixth, getting a score of 78.8. The state has the most affordable housing for sale which costs only $158.2K on average. More young people own a house in West Virginia than in Utah or Indiana, with 49.9%.
Delaware holds seventh place, earning a score of 78.6. Young people in the state have higher incomes with $90.1K and 46.5% of people under 35 buy themselves a home in Delaware. A lot of homeowners pay a mortgage on the house here, with 64.6% of all houses being attached to a mortgage.
In eighth place is South Carolina, scoring 77.6. The average house costs $292.5K here, while the income for young adults sums up to $72K yearly. With provided financial opportunities and mortgages, 48% of young people own a house in South Carolina.
Mississippi is ninth, with a score of 76.7 and 49.2% of people under 35 owning a house. The state has the lowest income for young people in the top 10 but the housing market is also one of the most affordable, with a house costing $174.2K on average.
Kentucky closes the ranking of the U.S. states where young people prefer to buy a house, with tenth place and a score of 75.7. Over 46.9% of young people already own a home here and the number of mortgages in Kentucky is lower than in Delaware or Utah, with more people being able to buy a home without a mortgage.
A spokesperson from Evernest commented on the study: “The emergence of non-coastal states like Minnesota as homeownership hubs for millennials and Gen Z signals a significant demographic shift. With over half of Minnesotans under 35 achieving homeownership—nearly double the rate in high-cost coastal markets—we're witnessing young Americans prioritize financial stability and space over traditional urban amenities. This trend correlates strongly with remote work adoption, which has freed younger buyers to seek both affordability and quality of life factors like education and healthcare access.”
Poste credit: https://www.evernest.co/
No comments:
Post a Comment