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If there’s one major difference between our parents’ generation and ours, it’s that while they had already moved out to the ‘burbs to pop out 2.5 kids by the ripe old age of 25, we’re still living in downtown studio apartments. Partly due to the fact that we’re laden down with student loan payments and partly because we’re not sure where our careers will take us, 20-somethings are consistently renting instead of buying. However, in some places across the U.S., Millennials ARE forgoing sky-high downtown rent payments in favor of home buying. If you’re looking to buy, these are the cities where the odds are in your favor – if you can manage to scrape together a down payment, that is.
10. Rochester, NY
In Rochester, the average age of a Millennial home-buyer is 30 years old, which is amazing enough before you hear about what the average monthly payment is: a mere $790. The savings alone here should make it more than easy to save up for the average down payment of $24,600.
9. Omaha, NE
It’s even easier to buy a home early in Omaha where the average Millennial home-buyer age is only 28. With an average mortgage payment of just over $1,000 a month, I would seriously consider moving to Omaha if I didn’t already assume that it kind of sucked.
8. Milwaukee, WI
In Milwaukee, a 29-year-old can purchase a home with a monthly payment of under a grand for a down payment of only $22,500. I hear Milwaukee is slightly better than Omaha…but only just. Still, it might be better than paying what I am for my downtown rent.
7. Chicago, IL
Now we’re talking. The first awesome city on this list is actually shockingly affordable for Millennial home-buyers with the average purchaser age of 30 with a mortgage payment that’s still less than my rent at $1,480. Of course, this city does come with a price – a down payment price, that is, of $44,600. Once you factor in the cost of living, however, and what you’ll be saving on Chicago rent, this actually is a steal.
6. Columbus, OH
And now, we’re back to places that I wouldn’t necessarily want to live but would theoretically consider moving to purely because of the land prices. With only an average down payment of $26,200, 29-year-olds are buying homes in droves, and why wouldn’t they when their average monthly mortgage payment is only $970?
5. Minneapolis, MN
Millennials in the Twin Cities are buying like crazy – Business Insider reports that 47.3% of mortgage requests are from under-35ers. Similarly to several other cities listed, 29-year-olds are buying with only a $28,700 down payment. BRB, selling my car and heading into financial security.
4. Des Moines, IA
I’m not sure what’s in Iowa except corn and people who love Ted Cruz, but if these are things you enjoy, you should move there immediately. Des Moines has the best stats out of every city listed where you can buy a home with a monthly payment of $790 for a down payment of only $17,700. That’s it. For less than I spent on rent last year, I could actually own a home in Iowa. Somehow, Ted Cruz is starting to seem less bad.
3. Washington, D.C.
Apart from Chicago, we’ve reached the cities where Millennials might actually want to live. I was pleasantly surprised to find that D.C. made the cut with 48.2% of mortgage requests coming from those under 35. While you’ll pay for it – we’re talking an average monthly payment of $2,010 and a down payment of $69,300, the savings in rent will be enormous.
2. Pittsburgh, PA
For a city its size, Pittsburgh has AMAZING statistics – for a down payment of only $21,800 and a monthly payment of $980, you can own a home in one of America’s oldest and largest cities. You can buy a home in Pittsburgh for less than the cost of a home in Columbus, Milwaukee, or Omaha. If this isn’t a reason to move, I’m not quite sure what is.
1. Boston, MA
With a whopping 52.5% of mortgage requests from Millennials, Boston’s home-buying market is crazy – and affordable (for a major city). While the average down payment is around $57K, the average monthly payment is only $1,910, which may just be worth it. Add in the cost of living, and you may have just scored yourself a really great deal. .
[via Business Insider]
Image via Unsplash
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Steph W.
Steph W. is a new Master's degree graduate with an intern's salary and six-figure taste. She realizes her expectations far exceed reality, so she spends her days pinning away Loubs she pretends are in her physical closet instead of her virtual one. Her hobbies include attempting to trapping her boyfriend into marriage before he finds out how insane she is and pretending that Black Box wine tastes as good as the kind she could afford when she was gainfully employed. Send her tips for getting out of student debt at recruitchairtsm@gmail.com
@therecruitchair
Am I the only one who still thinks $57K is a lot of money?
I’ve heard through a number of people that houses are super affordable in Flint, MI.
I grew up 30 miles north of Flint and can confirm. You can find houses for like 20-30k. Granted, they are basically structures that are falling apart – place is a shit hole.
30 miles north of flint isn’t looking too much better
Yeah I guess over $100k median family income really isn’t much better than Flint. You got me.
A mere $69,000 down payment! Of course, let me rustle around for some change in my desk drawer here.
Seriously. I’m scrounging to by a house with a down payment of 3k and a total price of 72k. West Tennessee perks: everyone is as broke as I am. Cons… I live in Tennessee.
[sigh] *buy. I swear I can speak English.
In Boston, “the average monthly payment is only $1,910.” Only? Unless you live in NYC, 2 grand a month for a mortgage payment isn’t exactly an awesome deal. Sure, you’re building equity, but you should definitely find some roommates to split the cost.
You guys should just rename the site http://www.herearethetop10citieswheremillenialscan.com“
How does one save up that much for a down payment?
Where are those kind of houses in DC?
The article seems to have misspelled “condos”
or they count Southeast as a nice neighborhood
Texas: fuck off, we’re full
Dear god. Come to Kansas City… shits cheap here. We’ll get you an FHA loan on a sub $274k property and keep your down-payment between $5-10k and I’ll even get you some seller paid closing costs. (Oh and a home warranty 😉 ). At least here a home in that price range will get you in a nice middle class neighborhood.
Brian lived in Kansas City.
Living in kc was about the worst experience of my life and I’ve lived a fairly shitty life. I’d rather live in Gary, Indiana.
Pass.
Does the CFPB know that you’re on here?
How is Detroit not number one?
I wondered the same thing. I live in a nice suburb 20 minutes from downtown. My mortgage payment on my 3 bedroom house, with escrow, is less than my friends pay for a 1 bedroom in the same suburb. And my neighborhood is safe enough to actually live in!