Here’s Why Kentucky is the Sixth-Best State for First-Time Homebuyers
It's a great time to be a first-time home buyer in Kentucky! New study research reveals, based on median house prices in the state, it's a great place for homeowners on a budget. Residents experience the sixth lowest down payment requirement in America to give you a leg up. With a cost of living much lower than the national average, it's a great place to settle down.
I knew no matter where I chose to buy a new home when I moved to Kentucky, there would be significant financial benefits to owning compared to renting. I also knew finding my dream home would be a large financial investment, which is scary. To find the perfect fit, I scanned real estate listings, determined our budget, figured out what neighborhood was right, and we purchased the home of my dreams. Is homeownership an aspiration for you too? Be sure to find what fits your needs and budget.
KENTUCKY IS THE SIXTH-BEST STATE FOR FIRST-TIME HOMEBUYERS
According to a new study from Moneywise, Kentucky is a great place for those looking to take the first steps toward buying their own home. Based on the median price for houses and down payment requirements, West Virginia is considered the best state for first-time homebuyers, followed by Mississippi, Arkansas, Oklahoma, Iowa, and Kentucky. While Alabama, Kansas, Ohio, and Louisiana round out the top ten.
"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."
• Kentucky is considered the sixth-best state for first-time homebuyers, as it boasts a down payment requirement of $24,497.07.
• First-time buyers in Hawaii face the highest down payment requirement, with an average of $110,360.38 needed upfront.
• The overall average down payment for homes across the US is $43,870.93.
“For first-time home buyers, the challenge of finding and affording their dream home can feel insurmountable at times. But with perseverance, knowledge, and the right mortgage decision, the path to homeownership can become a reality. Armed with the knowledge from these findings, first-time home buyers can make informed decisions when it comes to choosing a state to buy their first home and work their way towards a brighter financial future.”, a spokesperson for Moneywise shared
So much research goes into buying your first home, but at least Kentucky is a great state to start!