Mass. tough for first-time homebuyers
Massachusetts is the 10th most difficult state for residents to buy a home for the first time, according to a new study by the consumer banking website Bankrate.
Massachusetts ranks in the top half in Millennial employment (15th) and credit availability (6th), Bankrate said. But first-time homebuyers are challenged with poor home affordability (43rd) and a lack of available real estate inventory (46th).
Homeownership percentage for under-35 households in the Bay State ranks among the lowest in the country (45th).
The study looked at housing affordability, job market for young adults, housing market tightness, credit availability, and homeownership among those under age 35.
California was the most difficult state to break into as a homebuyer, Bankrate found, followed by Hawaii, New York, Louisiana and Mississippi. Those two southern states were hurt by a lack of available credit, while other states ranked lower thanks to very tight housing markets and for a lack of affordability.
Iowa ranked best for first-time homeownership, followed by Utah, Minnesota, Kansas and Missouri.
Among New England states, Vermont ranked ninth-best for first-time homeownership, New Hampshire was 16th, Connecticut was 27th, Maine was 28th, and Rhode Island was 45th. The Ocean State was hurt by a poor labor market for young adults.
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