Millennials aren't becoming home owners as quickly as their predecessors. One major reason: They simply can't afford it.
In pricey states such as Hawaii or California, saving up to buy a home could take millennials up to a decade. However, in other more affordable locations, such as West Virginia and Ohio, the process can take as little as two and a half years.
That's according to new data from GOBankingRates, which identified the most and least affordable states for millennials to buy homes by analyzing home listing price data from Zillow. 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.
Although salaries, like home prices, vary from state to state, the data provides a benchmark for understanding how far a typical millennial salary can go.
Here's how long it will take 25- to 34-year-olds to become homeowners in every U.S. state.
Number of years to save for a down payment: 3.2
Median list price: $$193,900
Monthly mortgage payment: $881
Number of years to save for a down payment: 4.5
Median list price: $275,000
Monthly mortgage payment: $1,236
Number of years to save for a down payment: 4.4
Median list price: $269,875
Monthly mortgage payment: $1,192