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For millennials in the market for houses, Arizona ranks in the middle of the pack in a Bankrate lineup of the easiest and hardest states to become a first-time home owner.
Arizona came in at No. 24 out of 50, scoring well in credit availability, but not much else.
“There are some challenges for them in that we do have a bit of a tight market,” said Paula Monthofer, president of Arizona Association of Realtors. “Arizona is very diverse market. You definitely see there are more and more millennials looking to get into the market.”
In the study, Arizona showed relatively high housing market tightness, meaning that the pool of homes for sale is small and owners typically get more than one offer. This, the study said, can make it hard for first-time buyers to break into the market.
“Given the fact that interest rates are rising, but not rising much, it’ll depend on the millennial and what prep they take,” she said. “The No. 1 thing millennials can do is start saving.”
She also said that teaming up with a Realtor can help millennials build a better understanding of the housing market and what they need to do to become a homeowner.
The most affordable places for first-time buyers were Iowa, Utah, Minnesota, Kansas and Missouri — all of which scored highly in the housing affordability and job market categories.
California, Hawaii and New York were the most difficult states for first-time home buyers to settle, with low numbers across the board.
Bankrate scored states on the basis of housing affordability, job market for young adults, housing market tightness, credit availability and homeownership among those 35-and-under.
“Tight market conditions and unaffordable high prices really plague what many young Americans feel are the most desirable places to put down roots,” said Bankrate.com analyst Claes Bell. “On the other hand, the availability of FHA loans that allow down payments of as little as 3.5 percent may make it easier to buy a home in high-priced markets than you think.”
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About Author
Alan Bermudez
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