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canada goose The 15 toughest states for first-time homebuyers Emmie Martin Mar. 2, 2017, 10:30 AM Some markets prove difficult for first-time buyers to enter. In Mississippi, only 38% of residents under 35 own a home. Sean Pavone/Shutterstock While it turns out that millennials do, in fact, want to invest in real estate and purchase homes, it’s easier said than done to become a first-time homebuyer — especially if you live in California or New York. In many states, a lack of inventory and rising home prices are making it harder than ever for the under 35 set to buy their first place. New data from Bankrate explores how first-time homebuyers fare in all 50 US states, considering five factors: Housing affordability: Percentage of median household income for required for 25- to 44-year-olds to cover mortgage payments (using the median sale price) Entry-level job market: Five-year average unemployment rate for 25- to 34-year-olds Market tightness: Growth in housing stock from 2010 to 2015 and the percentage of homes for sale Credit availability: Percentage of home loans rejected by credit lenders Millennial homeownership rate: Percentage of homeowners under 35 Bankrate weighted each category equally to determine its ranking. California, New York, and Hawaii stood out as the toughest states for new homebuyers, while Midwestern locales, such as Iowa and Minnesota, proved the easiest. Read on to check out the 15 states where it’s toughest to enter the housing market for the first time. The metrics included below were all used to calculate Bankrate’s ranking, with the exception of median home value, which was sourced independently from Zillow. 1/ 15. Washington Seattle. kan_khampanya/Shutterstock Percentage of median income required for mortgage: 24.33% Unemployment rate: 6.02% Under 35 homeownership rate: 29.75% Median home value: $318,300 2/ 14. Florida Miami, Florida. Shutterstock Percentage of median income required for mortgage: 20.67% Unemployment rate: 6.8% Under 35 homeownership rate: 29.52% Median home value: $203,200 3/ 13. Nevada Reno www.estrategias.de , Nevada. Andrew Zarivny/Shutterstock Percentage of median income required for mortgage: 22.91% Unemployment rate: 7.76% Under 35 homeownership rate: 29.52% Median home value: $230,200 4/ 12. South Carolina Charleston, South Carolina. Shutterstock Percentage of median income required for mortgage: 19.82% Unemployment rate: 7.72% Under 35 homeownership rate: 36.91% Median home value: $142,600 5/ 11. West Virginia Wheeling, West Virginia. David Byron Keener/Shutterstock Percentage of median income required for mortgage: 13.46% Unemployment rate: 8.62% Under 35 homeownership rate: 41.09% Median home value: $102,400 6/ 10. Massachusetts Boston. Marcio Jose Bastos Silva/Shutterstock Percentage of median income required for mortgage: 23.22% Unemployment rate: 5.48% Under 35 homeownership rate: 28.37% Median home value: $365,300 7/ 9. Oregon Portland, Oregon. tusharkoley/Shutterstock Percentage of median income required for mortgage: 26.83% Unemployment rate: 6.06% Under 35 homeownership rate: 26.5% Median home value: $299,400 8/ 8. Colorado Boulder, Colorado. Shutterstock Percentage of median income required for mortgage: 25.73% Unemployment rate: 4.98% Under 35 homeownership rate: 33.37% Median home value: $322 www.estrategias.de ,300 9/ 7. Texas Austin, Texas. Sean Pavone/Shutterstock Percentage of median income required for mortgage: 20.86% Unemployment rate: 5.62% Under 35 homeownership rate: 31.64% Median home value: $163,100 10/ 6. Rhode Island Providence, Rhode Island. Richard Cavalleri/Shutterstock Percentage of median income required for mortgage: 20.66% Unemployment rate: 8.3% Under 35 homeownership rate: 28.06% Median home value: $247,400 11/ 5. Mississippi Jackson, Mississippi. Sean Pavone/Shutterstock Percentage of median income required for mortgage: 23.47% Unemployment rate: 8.08% Under 35 homeownership rate: 37.98% Median home value: $112,00 12/ 4. Louisiana New Orleans. Jorg Hackemann/Shutterstock Percentage of median income required for mortgage: 17.87% Unemployment rate: 7.36% Under 35 homeownership rate: 36.81% Median home value: N/A 13/ 3. New York New York City. dibrova/Shutterstock Percentage of median income required for mortgage: 20.98% Unemployment rate: 6.7% Under 35 homeownership rate: 23.47% Median home value: $280,600 14/ 2. Hawaii Honolulu. Flickr / Edmund Garman Percentage of median income required for mortgage: 38.34% Unemployment rate: 4.72% Under 35 homeownership rate: 20.17% Median home value: $589,300 15/ 1. California Los Angeles. View Apart/Shutterstock Percentage of median income required for mortgage: 35.17% Unemployment rate: 7.7% Under 35 homeownership rate: 23.08% Median home value: $487,700 Previous 1/ Next SEE ALSO: The 10 best cities to buy a rental property if you want to make extra money on the side DON'T MISS: The 15 most expensive states to live in when you retire canada goose parka