Money

Here’s how long it would take for millennials to buy a home in every US state

Denny Reichard, an agent with Jim Maloof Realtors, right, stands with potential home buyers Brian Giebelhausen and Lindsay Willing outside a previously owned home in Mackinaw, Illinois, U.S.
Daniel Acker | Bloomberg | Getty Images

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.

Alabama

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

Alaska

Number of years to save for a down payment: 4.5
Median list price: $275,000
Monthly mortgage payment: $1,236

Arizona

Number of years to save for a down payment: 4.4
Median list price: $269,875
Monthly mortgage payment: $1,192

Sunset in Saguaro National Park, Arizona
Tonda | Getty Images

Arkansas

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

California

Number of years to save for a down payment: 8.2
Median list price: $499,950
Monthly mortgage payment: $2,168

Colorado

Number of years to save for a down payment: 6.7
Median list price: $408,068
Monthly mortgage payment: $1,780

Durango, Colorado.
Getty Images

Connecticut

Number of years to save for a down payment: 5.1
Median list price: $309,900
Monthly mortgage payment: $1,359

Delaware

Number of years to save for a down payment: 4.6
Median list price: $277,900
Monthly mortgage payment: $1,206

Florida

Number of years to save for a down payment: 4.7
Median list price: $283,990
Monthly mortgage payment: $1,241

Jacksonville Beach, Florida
Flander | Getty Images

Georgia

Number of years to save for a down payment: 3.9
Median list price: $236,900
Monthly mortgage payment: $1,206

Hawaii

Number of years to save for a down payment: 9.8
Median list price: $599,000
Monthly mortgage payment: $2,584

Idaho

Number of years to save for a down payment: 4.3
Median list price: $265,000
Monthly mortgage payment: $1,160

The city of Wallace, Idaho.
Chris L Smith/Getty Images

Illinois

Number of years to save for a down payment: 3.5
Median list price: $214,900
Monthly mortgage payment: $951

Indiana

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

Iowa

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

Downtown Cedar Rapids skyline with First Avenue Bridge and Cedar River in the foreground.
Davel5957 | Getty Images

Kansas

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

Kentucky

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

Louisiana

Number of years to save for a down payment: 3.3
Median list price: $204,000
Monthly mortgage payment: $903

Baton Rouge, Louisiana.
Sean Pavone | Getty Images

Maine

Number of years to save for a down payment: 3.9
Median list price: $234,900
Monthly mortgage payment: $1,029

Maryland

Number of years to save for a down payment: 5
Median list price: $302,900
Monthly mortgage payment: $1,311

Massachusetts

Number of years to save for a down payment: 6.9
Median list price: $419,900
Monthly mortgage payment: $1,833

Boston Public Library reading room
Betty Wiley | Getty Images

Michigan

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

Minnesota

Number of years to save for a down payment: 4.1
Median list price: $249,000
Monthly mortgage payment: $1,093

Mississippi

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

Vicksburg, Mississippi
peeterv | Getty Images

Missouri

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

Montana

Number of years to save for a down payment: 4.9
Median list price: $299,500
Monthly mortgage payment: $1,308

Nebraska

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

Omaha, Nebraska
Walter Bibikow | Getty Images

Nevada

Number of years to save for a down payment: 4.8
Median list price: $295,000
Monthly mortgage payment: $1,286

New Hampshire

Number of years to save for a down payment: 4.6
Median list price: $279,000
Monthly mortgage payment: $1,214

New Jersey

Number of years to save for a down payment: 4.9
Median list price: $299,000
Monthly mortgage payment: $1,323

Suburban homes in New Jersey
Alan Schein Photography | Getty Images

New Mexico

Number of years to save for a down payment: 3.7
Median list price: $222,900
Monthly mortgage payment: $980

New York

Number of years to save for a down payment: 5.6
Median list price: $339,000
Monthly mortgage payment: $1,501

North Carolina

Number of years to save for a down payment: 4.1
Median list price: $249,900
Monthly mortgage payment: $1,094

Raleigh, North Carolina
Swapan Jha | Getty Images

North Dakota

Number of years to save for a down payment:
Median list price: $
Monthly mortgage payment:

Ohio

Number of years to save for a down payment: 2.5
Median list price: $154,900
Monthly mortgage payment: $704

Oklahoma

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

Tulsa, Oklahoma
Davel5957 | Getty Images

Oregon

Number of years to save for a down payment: 5.8
Median list price: $352,000
Monthly mortgage payment: $1,551

Pennsylvania

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

Rhode Island

Number of years to save for a down payment: 4.9
Median list price: $298,000
Monthly mortgage payment: $1,292

Jamestown, Rhode Island
John Greim | Contributor | Getty Images

South Carolina

Number of years to save for a down payment: 3.9
Median list price: $239,000
Monthly mortgage payment: $1,046

South Dakota

Number of years to save for a down payment: 3.5
Median list price: $215,000
Monthly mortgage payment: $962

Tennessee

Number of years to save for a down payment: 3.7
Median list price: $225,000
Monthly mortgage payment: $993

Nashville, Tennessee
Davel5957 | Getty Images

Texas

Number of years to save for a down payment: 4.4
Median list price: $269,000
Monthly mortgage payment: $1,170

Utah

Number of years to save for a down payment: 5.4
Median list price: $329,500
Monthly mortgage payment: $1,460

Vermont

Number of years to save for a down payment: 4.1
Median list price: $249,000
Monthly mortgage payment: $1,095

Charlotte is a town in Chittenden County, Vermont
SuperStock | Getty Images

Virginia

Number of years to save for a down payment: 4.9
Median list price: $297,970
Monthly mortgage payment: $1,291

Washington

Number of years to save for a down payment: 5.7
Median list price: $350,000
Monthly mortgage payment: $1,542

West Virginia

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

Hunter Martin | Stringer | Getty Images

Wisconsin

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

Wyoming

Number of years to save for a down payment: 3.9
Median list price: $239,000
Monthly mortgage payment: $1,059

Don't miss: 15 states where millennials can afford to buy homes

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Denny Reichard, an agent with Jim Maloof Realtors, right, stands with potential home buyers Brian Giebelhausen and Lindsay Willing outside a previously owned home in Mackinaw, Illinois, U.S.
Daniel Acker | Bloomberg | Getty Images
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