Millennials have it rough: They're being slapped with a trifecta of housing affordability, credit accessibility, and employment issues, all of which are hampering their ability to buy, according to new report by Bankrate.com. The toughest state of all for millennial buyers may be California, where affordability is low, inventory is severely limited, and workers ages 25 to 34 face high unemployment.
Culling data from the National Association of RELATORS®, the Census Bureau, and others, Bankrate.com ranked the following states as the toughest for millennial buyers:
- New York
- Rhode Island
"Tight market conditions and high prices really plague what many young Americans feel are the most desirable places to put down roots," says Claes Bell, an analyst for Bankrate.com. That said, some states are proving to be prime spots for millennials to settle down. The following states are considered "easy" markets for millennial buyers, according to Bankrate.com:
Source: “Where the Cards Are Stacked Against Millennial Homebuyers,” RISMedia (Feb. 28, 2017)
- North Dakota
- South Dakota