Ever wonder where the most affordable place to live is? That is an entirely skewed question because a lot comes into play; income, spending habits, savings habits, and cost of living; gas, groceries, food, property taxes… Read a book called, How to Lie with Statistics, and your mind will open up a touch.
Anyway, according to the Mortgage Professional America website, the top two states that are the most affordable for millennials is West Virginia and Ohio.
They simply took the national median income for millennials along with the national median sales home price and poof, they got their so-called answer.
Does that fit your lifestyle? I would also beg to include spending habits, or as a minimum disposable cash; money left over after bills are paid.
I also think the article went wrong with the notion of the time it takes to save 20% down…20%! All you need to buy a home is 3% and I could also beg that 3% can come a lot sooner into savings for a millennial in a city like Chicago where income is higher than likely that of WV of OH.
Here is a link to the article, let me know what you think?
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