Once you graduate college, you’re handed a diploma and—most likely—a mountain of debt. Your mission, should you choose to accept it, is to find a job where you make enough to pay off your student loans and then, maybe, move on to the next big investment of your life homeownership.
Unfortunately, according to a study by Credit Sesame, the state in which you live may affect your ability to pay your student loans. The study found that residents of West Virginia and Mississippi have the highest number of people unable to pay for their loans (as measured by student loan delinquency rates) at 18 percent, followed by Kentucky, Nevada, Oklahoma, and Arkansas at 16 percent.
On the other hand, places like North Dakota and Massachusetts were the easiest places to pay off loans: These two states had the lowest rate of student loan delinquency, at six percent; followed by Utah, Washington, New York, and Illinois, which had the next lowest rate at eight percent.
Since student loans are such a big obstacle for millennials achieving homeownership, is it easier to save up and buy a house in these states with low delinquency rates? I asked real estate agents in two of these states—Utah and Washington—how the economic environment in their state favors homeownership for millennials. Here’s what they said:
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