New study ranks the most affordable housing markets for millennials

Contrary to how they're portrayed in media, the millennials aren't buying their own homes because of a desire to buck tradition: they want to buy one when they're sure they can afford it, and not before.

Millennials, young adults between the ages of 18 to 34, are ethnically diverse, more educated than their parents, typically struggle with student debt and limited job opportunities, and are less likely to enter into traditional marriages. These factors, combined with the unstable housing market of recent years, have led to this generation shying away from home ownership.

However, current housing affordability highs and mortgage interest lows have made owning a home a possibility for many of them.

A new study by RealtyTrac, a real estate information company and real estate marketplace, identified the most affordable housing markets for this demographic.

Topping the list of most affordable housing markets to buy is the Augusta-Richmond metropolitan area in Richmond County, GA, where the median home price is $64,100, followed by Fayetteville in Cumberland County, NC, with a median home price of $97,500. Other markets on the list include the following:

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• The Atlanta, Sandy Springs, and Marietta metropolitan area in Dekalb County, GA

• Jacksonville in Duval County, Florida.

• Philadelphia, Camden, and Wilmington metropolitan area in Philadelphia County, PA

• Baltimore and Townson metropolitan area in Baltimore City, MD

• Conway, Little Rock, and North Little Rock metropolitan area in Faulkner County, AR

• Columbus in Franklin County, OH

• Council Bluffs and Omaha metropolitan area in Douglas County in NE, IA.

• Milwaukee, Waukesha, and West Allis metropolitan area in Milwaukee County, WI

One of the biggest obstacles millennials when buying a home is coming up with down payments. While monthly payments might be well within their budgets, an $11,000 down payment on a home, coupled with closing and escrow fees, might seem to be too much. First-time young homebuyers should consult with a real estate professional to help them clarify their financial standing and discover opportunities for home ownership that they might not be aware of.

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