15 states where millennials can afford to buy homes

The No. 1 reason millennial Americans aren't purchasing homes is because they simply can't afford it. Not only are home prices high, but young people have other financial priorities, including paying off massive student loans.

But when it comes to price, location matters. Although desirable coastal cities such as New York and Los Angeles might be out of reach, other Southern and Midwestern towns are good bets for millennial home buyers.

GOBankingRates identified the most and least affordable states for millennials to buy homes by analyzing home listing price data from Zillow. For this ranking, GOBankingRates used the national median income for millennials, $60,932, to determine how long it would take to save for a 20 percent down payment, assuming 20 percent monthly savings, and how much the monthly mortgage payment would be.

Here are the 15 states where millennials' paychecks go the farthest toward buying a home.

Median list price: $197,500
Number of years to save for a down payment: 3.2
Monthly mortgage payment: $881

Median list price: $193,900
Number of years to save for a down payment: 3.2
Monthly mortgage payment: $881

Median list price: $195,000
Number of years to save for a down payment: 3.2
Monthly mortgage payment: $868

Median list price: $189,900
Number of years to save for a down payment: 3.1
Monthly mortgage payment: $846

Median list price: $179,900
Number of years to save for a down payment: 3
Monthly mortgage payment: $810

Median list price: $175,000
Number of years to save for a down payment: 2.9
Monthly mortgage payment: $789

Median list price: $169,900
Number of years to save for a down payment: 2.8
Monthly mortgage payment: $768

Median list price: $169,900
Number of years to save for a down payment: 2.8
Monthly mortgage payment: $767

Median list price: $169,900
Number of years to save for a down payment: 2.8
Monthly mortgage payment: $766

Median list price: $169,900
Number of years to save for a down payment: 2.8
Monthly mortgage payment: $765

Median list price: $169,000
Number of years to save for a down payment: 2.8
Monthly mortgage payment: $766

Median list price: $167,000
Number of years to save for a down payment: 2.7
Monthly mortgage payment: $757

Median list price: $164,900
Number of years to save for a down payment: 2.7
Monthly mortgage payment: $757

Median list price: $154,000
Number of years to save for a down payment: 2.5
Monthly mortgage payment: $704

Median list price: $150,000
Number of years to save for a down payment: 2.5
Monthly mortgage payment: $693

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