Des Moines, IA is the most affordable city in the U.S. for a first-time home buyer, according to Bloomberg.
Des Moines, IA is the most affordable city in the U.S. for a first-time home buyer, according to Bloomberg.

Bloomberg News has ranked the 100 largest metropolitan areas by average monthly mortgage rates and incomes for residents between the ages of 25 and 44 in order to determine the least and most affordable places for millennials and Generation-Xers to buy a first home.

According to their findings, the minimum salary required to make the average mortgage payments in Honolulu, San Jose, Los Angeles, San Francisco, San Diego, and Oxnard is higher than the income of a typical first-time home buyer.

The most affordable metropolitan area is Des Moines, IA, where the estimated yearly mortgage payment is only $22,000, but the median income level is $72,000, according to Bloomberg. Prices are still rising in this area, but mortgage interest rates are low enough to attract new buyers, according to Des Moines-area real estate agent Bryan Curtis.

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