The cities with the lowest, highest homebuying costs for millennials

Millennial homebuyers want to buy a home despite the financial burden of student loan debt and limited wage growth.

More than 4 in 10 millennials told a GoBankingRates survey that saving for a home is their priority, but which states are the best and worst for these aspiring homeowners?

By calculating the time it takes to save a down payment for a median-priced home in each of the 50 states together with the average monthly mortgage cost, GoBankingRates has found that West Virginia offers the lowest cost of homeownership.

The state has the lowest median home price - $159,000 – and with a median income of $50,130 it would take 3.2 years to save for a down payment. The monthly mortgage payment would be $847.

Iowa, Ohio, Missouri, and Indiana complete the top 5 most affordable.

Least affordable states for millennials
The state that would be most challenging for millennial homebuyers is Hawaii with a median list price at $615,000 and a monthly mortgage payment of $3,256. Millennials earn $6,076.25 per month, which means their mortgage payments take more than half of their earnings.

California, Massachusetts, Oregon and Washington complete the top 5.

The calculations assume that potential buyers save 20% of their income for a down payment of 20% and are based on average mortgage costs for a 30-year loan.