Worst States For First Time Home buyers

Buying your first home is a milestone achievement for many americans, both young and old. The concept of owning your own property is something that many dream of, and work extremely hard to make a reality. Stability within your job, expenses, and finances are all big factors in the quest for the keys to your own house. But in specific states around the U.S, it’s extremely difficult to do this on your own. Depending on a number of factors, you might want to think twice before buying a home in these states:

Mississippi:

In Mississippi, it’s extremely hard to get approved for a home loan. In fact, this particular state has one of the highest rejection rates in the country, at a whopping 16 percent. In addition to this, the state’s unemployment rate for those ranging from 25-34 years old is, on average, 81. Percent, among the worst.

Louisiana:

Louisiana mimics the characteristics of Mississippi, and while it’s not as bad, the numbers are also not the best. The rejection rate in this state is 14.1 percent, which is the amount of applications turned down by lenders. Additionally, the 25-34 year old demographic in terms of unemployment is also a very high number in comparison to other age groups.

New York:

The Empire State comes onto the table as well with one of the lowest percentages of homes available for sale at any one time, just fourth to California, Colorado and Texas. Only 23.5 percent of under 35 year old households own their homes in this state, which is well below the national average which rests at 35.3 percent

Hawaii:

Hawaii, though sometimes reserved for a high-end vacation spot, is also very hard to own a home in. Locals to the state pay an average of 38.3 percent of their median yearly income to their mortgages and home payments, which is the highest in the country. Additionally, only 20.2 percent of younger households own their home, which is also the lowest of all states.

California:

One of the worst states is last but not least, California. With the tightest housing market in the U.S. (.76 percent of homes available at one time), it’s no surprise that 35.2 percent of median income goes to house payments. For reference, the national average is 19.2.

If you’re in one of these states and need assistance in planning your finances for anything from buying a house to estate planning, the financial advisors at American Investment Planners, LLC are here to offer their professional consultation. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.