Owning your first home can be expensive. Just ask the thousands of millennials who, nationally, according to CNBC – simply can’t afford it. But there is some good news for those right here in the Mountain State. A recent study conducted by “GoBankingRates” has named West Virginia the #1 Most Affordable State for millennials to buy a home.
“We see people from all ages, but yes, the “millennial scene” is starting to purchase their first home,’ which is great,” said Monica Gorrell, broker and co-owner of Homefinders Plus in Bridgeport.
The study said homebuyers have an advantage because of West Virginia’s rising home values. The median home value has been on a consistent increase, first exceeding $100,000 in 2016. The median list price is $150,000.
“If a first-time homebuyers is going to purchase a home, they need to be pre-qualified. That’s the most important thing that they go – go and talk to a lender,” said Gorrell.
Once those conversations begin, it’s important to talk to your lender about a price range that’s right for you.
“They give them all of their expenses, their income, anything about their financial picture – they need to make sure they’re giving that information. The lender will tell them, ‘This is what you can afford. You can purchase up to this amount,'” said Gorrell.
But buyers should also avoid being “house poor.”
“They have to decide for themselves what’s going to fit their lifestyle the best. They don’t want to be married to a house. They don’t want to be married to a mortgage,” said Gorrell.
Once you find the magic numbers, find a reputable real estate agent who will guide you through the process.
“As soon as a property comes on the market that fits into their criteria, they’ll get an email of that property. What our agents do is they take them through the process – from Step A to Step Z,” said Gorrell.