Report: Indiana among most affordable places for millennials to buy a home

Home prices and low unemployment make Indiana an ideal places for millennials to go house-hunting, according to a new report.

On a list of the most and least affordable places for millennials to buy homes created by personal finance resource site GoBankingRates, Indiana finished as the fourth most affordable state.

"Indiana's three biggest housing markets — Indianapolis, Fort Wayne and Evansville — all have median home prices that are cheaper than the state overall," the report states.

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The report also mentions Indiana's low unemployment rate, despite its location in the Rust Belt, a section of middle America once known for manufacturing.

Indiana's median home listing price is $167,000, according to the site's data. It's also estimated that it would take less than three years to save enough for a 20 percent down payment. Compare that to the least affordable state, Hawaii, where it would take nearly 10 years to save enough.

An average monthly mortgage payment in Indiana is estimated to be $757. In Hawaii, you'll need $2,584 every month. At least most beaches are free.

The only states to finish ahead of Indiana on the report were Arkansas (No. 3), Ohio (No. 2) and West Virginia in the top spot for most affordable place.

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