As interest rates rise, Finding a home It’s more complicated than ever for first-time buyers.
But some states offer more real deals than others for those looking to invest in a little piece of the American Dream.
MoneywiseA financial website, Zillow ranks all 50 states based on the average home price in each state and the average down payment percentage according to the National Association of Realtors.
Their conclusions? For one, it might be called the Aloha State, but Hawaii isn’t exactly welcoming when it comes to buying a home.
First-time homebuyers in Hawaii must pay an average down payment of $110,360.38 to secure a home, making it the most expensive state for first-time homebuyers. With limited land for development and burdensome regulations, Hawaii’s median home value is a tsunami of $848,926.
If delicious waves minus the surf and sand are what you’re looking for, you might want to consider a state like Mississippi, where the average home goes for $157,828 with a down payment of $20,517.64.
The number two most expensive state for first-time buyers in California. The Golden State lives up to its billing, with a median home price on Zillow of $760,800. The average downpayment on such a home is $98,904.
Here is a list of the most expensive places to live.
Courtesy: Moneywise
Related: 9 Places in the US with small town charm and affordable home prices
The most affordable states for first-time home buyers
So where should people looking to buy their first home look? According to this new survey, West Virginia is the best state to invest in, with the lowest average down payment requirement of $16,783.39. The median home price in West Virginia is $129,103, which is a steal compared to the national average of $428,700.
Above Mississippi is the second cheapest place to buy a home. After that, first home buyers should look to Arkansas, Oklahoma and Iowa.
“Armed with the knowledge of these findings, first-time homebuyers can make informed decisions when it comes to choosing a state to purchase their first home and work their way toward a brighter financial future,” a MoneyWise spokesperson said.
Here is a list of the least expensive states to buy.
Courtesy: Moneywise
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