“Buying A Home Is Affordable” 10 Best And Worst States For First Time Home Buyers

Moneywise ranked all 50 states based on the median price for houses in each respective state as provided by Zillow and the average down payment percentage of 13% according to the National Association of Realtors.

Rankings

The resulting state rankings offer a comprehensive guide for those looking to take the first steps towards owning their own home.

The States Where First-time Home Buyers Require the Biggest Down Payment

Here is the list.

1. Hawaii

First-time home buyers in Hawaii face the highest hurdle, requiring an average down payment of $110,360.38 to secure a home. With a median home value of $848,926 in Hawaii, it's clear that the high cost of living in paradise comes with a hefty price tag for those looking to enter the housing market.

2. California

California follows closely with an average down payment requirement of $98,904.00, California is home to one of the most desirable real estate markets in the world with its links to the opulent entertainment industry, the median home value is $760,800.

3. Washington

While Washington takes third place with an average down payment of $77,445.16, the state's median home value of $595,732 presents a significant financial hurdle for first-time homebuyers. Despite the challenges, Washington's diverse geography and thriving urban centers make it a desirable place to live.

4. Colorado/5. Massachusetts

Colorado and Massachusetts bottom out the top five worst states for first-time buyers, with average down payment requirements of $72,778.94 and $72,710.56, respectively. In Colorado, the median home value is $559,838, while in Massachusetts, the median home value is slightly lower at $559,312.

6. Utah

Median home value: $544,868

Average down payment (13%): $70,832.84

7. Oregon

Median home value: $502,215

Average down payment (13%): $65,287.95

8. Idaho

Median home value: $466,435

Average down payment (13%): $60,636.55

9. New Jersey

Median home value: $441,762

Average down payment (13%): $57,429.06

10. Nevada

Median home value: $434,832

Average down payment (13%): $56,528.16

Best States for First-Time Home Buyers

Conversely, here are the best states for first-timers.

1. West Virginia

In contrast West Virginia is considered the best state for first-time homebuyers, as it boasts the lowest average down payment requirement of $16,783.39. West Virginia offers a range of attractive homes and neighborhoods, with an average Zillow home value of $129,103. Additionally, the state's natural beauty, abundant recreational opportunities, and friendly communities make it an appealing place to live for many.

2. Mississippi

Mississippi ranks as the second best state for first-time homebuyers,with an average down payment requirement of $20,517.64. The state's average Zillow home value of $157,828 is also a draw, not to mention Mississippi being home to a rich cultural heritage, and its cities and towns offering a diverse range of architecture, cuisine, and entertainment.

3. Arkansas

Arkansas is another state that offers great opportunities for first-time homebuyers, ranking third overall with an average down payment requirement of $22,082.71. The state's average Zillow home value is $169,867. From the Ozark Mountains to the Mississippi Delta, the state also boasts diverse landscapes and plenty of outdoor activities for residents to enjoy.

4. Oklahoma

Oklahoma is a fantastic state for first-time homebuyers, coming in at fourth place on the list of states with the lowest average down payment requirement of $22,237.41. With an average Zillow home value of $171,057, the state has a rich culture and history, with a mix of small-town charm and modern amenities that appeal to a wide range of residents.

5. Iowa

Iowa rounds out the top five states for the best places for first-time homebuyers with the fifth lowest average down payment requirement of $23,844.34. The state, known for its beautiful countryside, charming small towns, and friendly people, has an average Zillow home value of $183,418.

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