Millennials in America have hit a significant milestone according to the latest 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 buy a house can make or break whether you'll be able to afford to keep it, especially coming from a generation that came of age during the financial crisis.
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In September, Scholaroo, a college scholarship resource, ranked the states with the highest and lowest millennial homeownership rates based on data from the U.S. Census Bureau.
5 states with the highest millennial homeownership rate
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- Iowa
- Minnesota
- Maine
- West Virginia
- Michigan
Iowa has the most millennial homeowners with a rate of 63%, according to the U.S. Census Bureau.
The state also ranked No. 1 for affordability and No. 5 best for personal finance.
Money Report
Zillow states that the average Iowa home value is $212,062, up 3.0% over the past year. While according to Bank Rate, the median house price in Iowa is $239,000.
On top of being one of the states with the highest millennial homeownership, it is also one of the least stressed states in America, according to WalletHub.
Iowa is also one of the most affordable states for retirees. The Midwest state topped the rankings due to its low crime, good healthcare options, and affordability, according to Bankrate.
5 states with the lowest homeownership rate
- Hawaii
- California
- New York
- Nevada
- Rhode Island
Hawaii has the lowest homeownership amongst millennials, with a rate of 33%,
In the same 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 top spot, as the most expensive state to live in based on an index of prices for a range of goods and services.
In an August doxo report, Hawaii was the most expensive U.S. state based on monthly costs. Residents spend $3,070 monthly, which is 50% above the national average of $2,046.
The average monthly bill for a mortgage in Hawaii is $2,247, while the average rent is $1,856.
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