NY ranked third toughest state for first-time homebuyers

Posted at 11:52 AM, Feb 28, 2017
and last updated 2017-02-28 11:56:44-05

Buffalo may be appealing to millennials, but New York is not the easiest place for first-time homebuyers to go searching for a place to settle down.

California, Hawaii and the Empire State round out the top three on the list, according to a new Brankrate.com report. The data study evaluated every state based on home affordability, credit availability, unemployment, market tightness and homeownership percentage among under-35 households.

The study shows that affordability and loans can be hard to come by and steady work is a must.

Tight markets also make house hunting difficult. This is when the pool of available homes is small so sellers usually get multiple offers. These bidding wars tend to work against young first-time buyers.

But amongst this somewhat discouraging news, there's a good takeaway for those trying to buy a home for the first time. According to Bankrate, mortgage rates are low by historical standards, which means millennials can afford pricier homes than previous generations trying to buy homes for the first time.

So where can first-time homebuyers look for the easiest place to become a young homeowner? Iowa. The Hawkeye State has the most affordable home pricing in the country.

To see the full ranking, check out the list on www.bankrate.com.