West Virginia affordable for Millennials to buy a home

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Harrison County, W. Va. (WDTV) -- Buying a home is one of the biggest decisions to make and more younger people are putting that off. A handful amount of reports state that americans 35 or younger can't do it because they don't have enough money saved. A recent report says it's different in the Mountain State.

"There's better pricing in this area, definitely," said Jordan Colt Parker.

Parker bought a house when he was 21-years-old. Now at 22, he says he couldn't be happier to have made this decision.

"I would never guessed a $210,000, new construction house to be my first house that's for sure," he said.

According to the National Association of Realtors, on average, Millenials, who are those considered 35 or younger, are waiting as much as eight years longer to buy a house than previous years. However, it's a different story in West Virginia.

"I think it helps with our taxes compared to other states where taxes might be a lot higher. and then interest rates in this area are pretty good," said Michelle Dodrill, a realtor for KLM Properties.

According to a report from GoBankingRates, West Virginia is the best state for Millennials wanting to buy a home.

"There's a lot of Millennials buying homes, those first time home buyers. I'd say over half of my clientele is Millennials," she said.

This report used a median Millennial income of more than $60,000 and calculated that young buyers should be able to afford a $150,000 home with a $693 monthly mortgage payment. It also predicts that Millennials could come up with a 20% down payment within 2.5 years.

"This is home for me," said Chase Parker, who is 26-years-old and is looking to buy his first home. "I love it here and it's such a good market here compared to other states."

Most Millennial home owners and potential buyers say they rather buy a house than to rent.

"Rent is so high in the area it's just unreal," he said.

"Rather put money on savings and actually towards something," said Colt Parker.

At the same time, money is not the only factor when looking to buy a home.

"We would like to stay here because both of our families are here, all of our relatives, all of our friends are here," said Tyler Stewart, who is 23-years-old. He and his wife are looking into buying their first home. "Our friends are now starting to have kids so we would like for our kids to grow up with our friends' kids."