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The most and least affordable states for millennials to buy homes

GOBankingRates Logo By Grace Lin of GOBankingRates | Slide 1 of 53: The financial picture for millennials today is a mixed bag — unemployment is low across the country, but wage growth hasn’t picked up. Young workers also have to contend with a staggering $1.5 trillion in student loan debt. On top of that, millennials are reaching the age where they’re thinking about buying a home — or, at least that’s what their parents did a generation ago.In order to help millennials find affordable housing, GOBankingRates evaluated median home prices across America relative to the national median income for people ages 25 to 34, which is $60,932. Assuming millennials put away 20 percent of their salary each month to save for a down payment on a home, GOBankingRates determined the amount of time it would take to afford a 20 percent down payment and calculated the estimated monthly mortgage payment in every state based on a 30-year, fixed-rate mortgage.Click through to see the best places for millennial homebuyers.

The most and least affordable states for millennials to buy homes

The financial picture for millennials today is a mixed bag — unemployment is low across the country, but wage growth hasn’t picked up. Young workers also have to contend with a staggering $1.5 trillion in student loan debt. On top of that, millennials are reaching the age where they’re thinking about buying a home — or, at least that’s what their parents did a generation ago.

In order to help millennials find affordable housing, GOBankingRates evaluated median home prices across America relative to the national median income for people ages 25 to 34, which is $60,932. Assuming millennials put away 20 percent of their salary each month to save for a down payment on a home, GOBankingRates determined the amount of time it would take to afford a 20 percent down payment and calculated the estimated monthly mortgage payment in every state based on a 30-year, fixed-rate mortgage.

Click or swipe through to see the best places for millennial homebuyers.

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