For many millennials, buying a home might seem like an impossible task. There are the costs, of course, but also this overarching question: Which city will give you and your family the best chance of success?
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To determine the best cities for millennials who want to buy homes, Zoocasa used data from Apartment List to identify the cities with the highest millennial homeownership rates. The analysis found that nearly all of the top cities for millennial homeowners have a few factors in common: home prices are below the national median, average monthly mortgage payments are at or under $2,000, and home price growth over the past year is less volatile compared to cities with lower millennial homeownership rates.
Click through to see the best cities for aspiring millennial homeowners.
Minneapolis
- Millennial homeownership rate: 53%
- Median home price: $398,300
- 1-year price growth: 3%
- Average monthly mortgage payment: $2,060
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Grand Rapids, Michigan
- Millennial homeownership rate: 53%
- Median home price: $347,200
- 1-year price growth: 5%
- Average monthly mortgage payment: $1,796
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Cincinnati
- Millennial homeownership rate: 52%
- Median home price: $309,200
- 1-year price growth: 5%
- Average monthly mortgage payment: $1,599
Louisville, Kentucky
- Millennial homeownership rate: 51%
- Median home price: $283,100
- 1-year price growth: 5%
- Average monthly mortgage payment: $1,464
Indianapolis
- Millennial homeownership rate: 51%
- Median home price: $329,700
- 1-year price growth: 6%
- Average monthly mortgage payment: $1,705
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St. Louis
- Millennial homeownership rate: 50%
- Median home price: $279,900
- 1-year price growth: 5%
- Average monthly mortgage payment: $1,447
Pittsburgh
- Millennial homeownership rate: 50%
- Median home price: $236,100
- 1-year price growth: 5%
- Average monthly mortgage payment: $1,221
Birmingham, Alabama
- Millennial homeownership rate: 50%
- Median home price: $324,300
- 1-year price growth: 3%
- Average monthly mortgage payment: $1,677
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Kansas City, Missouri
- Millennial homeownership rate: 48%
- Median home price: $346,600
- 1-year price growth: 4%
- Average monthly mortgage payment: $1,792
Salt Lake City
- Millennial homeownership rate: 48%
- Median home price: $583,200
- 1-year price growth: 7%
- Average monthly mortgage payment: $3,016
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This article originally appeared on GOBankingRates.com: 10 Best Cities for Aspiring Millennial Homeowners
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