Parents across the country are breaking open the bubbly: their Millennial children are finally moving out.
That’s right, according a National Association of Realtors survey, Millennials make up 65% of all first-time home buyers.
Why now?
While there are many factors, a Bank of America survey suggests a major driver has been keeping up with their friends.
Upon seeing friends’ posts of their new homes on Instagram and Facebook, a third of Millennials reported thinking, “If they can buy, why can’t I”?
Some 23% said they felt jealous and 25% expressed a fear of missing out (Yes, the FOMO struggle is real). The survey also found that Millennials are more willing to share their home purchase on social media than when they get a new job or buy a car.
So where will Millennials get the most for their money?
WalletHub compared data from the 50 states and the District of Columbia and ranked each by categories ranging from affordability, education & health, and quality of life, to economic health and civic engagement.
Apparently home affordability was not a deal breaker, as the District of Columbia, with median home prices of $549,000, topped WalletHub’s list of Best States for Millennials.
According to WalletHub, the high cost of living is balanced out by being tops for education, health, quality of life and civic engagement. Rounding out the top five states in order were North Dakota, Minnesota, Massachusetts and Iowa.
Millennials who rank affordable housing and high earnings above all other factors may want to give the states below another look, according to WalletHub.
Best states for millennials
Lowest housing costs
Iowa
West Virginia
Kentucky
Arkansas
North Dakota
Highest homeownership rate
Minnesota
West Virginia
Indiana
Utah
Delaware
Highest average earnings
District of Columbia
New York
Massachusetts
Washington
California
Lowest unemployment rate
North Dakota
Nebraska
South Dakota
Iowa
Utah
Worst states for millennials
Lowest homeownership rate
New York
Oregon
California
Hawaii
District of Columbia
Highest housing costs
Massachusetts
New Jersey
Maryland
California
Hawaii
Lowest average earnings
New Mexico
Montana
Maine
Idaho
Mississippi
Highest unemployment rate
Alabama
Georgia
New Mexico
North Carolina
South Carolina
Mississippi
