Owning a home costs more each month than renting across all 50 states. That being said, depending on your situation, buying a home can be a smart investment.
After all, self-made billionaire Warren Buffett says that real estate is a valuable asset "for a great many people." Some experts even go as far as saying that not prioritizing homeownership is "the single biggest mistake millennials are making."
If you want to get in the game, consider looking in the best states for first-time buyers, as determined by personal finance site GOBankingRates in a recent report. The site ranked all 50 U.S. states based on foreclosure rates, the share of the market represented by first-time home buyers and the median listing price for homes.
Here are the top 12 states for first-time home buyers.
12. Missouri
Share of the market represented by first-time home buyers: 57 percent
Median listing price: $158,900
11. Virginia
Share of the market represented by first-time home buyers: 57 percent
Median listing price: $288,000
10. New Mexico
Share of the market represented by first-time home buyers: 57 percent
Median listing price: $209,900
9. Minnesota
Share of the market represented by first-time home buyers: 52 percent
Median listing price: $239,900
8. Georgia
Share of the market represented by first-time home buyers: 56 percent
Median listing price: $212,900
7. Alaska
Share of the market represented by first-time home buyers: 52 percent
Median listing price: $270,000
6. Pennsylvania
Share of the market represented by first-time home buyers: 59 percent
Median listing price: $185,000
5. New York
Share of the market represented by first-time home buyers: 65 percent
Median listing price: $359,000
4. Michigan
Share of the market represented by first-time home buyers: 54 percent
Median listing price: $152,000
3. Mississippi
Share of the market represented by first-time home buyers: 54 percent
Median listing price: $165,000
2. West Virginia
Share of the market represented by first-time home buyers: 52 percent
Median listing price: $149,900
1. Rhode Island
Share of the market represented by first-time home buyers: 67 percent
Median listing price: $279,900
