Why Minnesota Is the Best State for Young Adults Hoping to Buy a Home

I feel like for a lot of people who are renting right now, homeownership feels like an unachievable goal. With the prices of homes, bidding wars, and studies saying the age of first-time home buyers just keeps going up, things seem bleak.

The Average Age of a First-Time Home Buyer

A recent survey from the National Association of Realtors says that the average age of a first-time home buyer in America is now 40. That's crazy. In the '80s, they say the average age was late 20s.

But, looking on the bright side of things, being in Minnesota is actually a great place to be to buy a home. This is according to a study by property management company Evernest.

ALSO READ: Two MN Cities Made Top Spots for People to Move to in 2026

Minnesota is the Top State for Young Home Buyers

Evernest reports that Minnesota is "the most desired state among young people to buy property." That's good news for those of us still wanting to own a home but not achieving that goal yet.

The study looked at the "homeownership rate for people under 35, average young adult income, house prices, and the number of houses with a mortgage" to determine in which states most young people were buying a home.

Get our free mobile app

They found that 50.8% of people under 35 own a home in Minnesota. They noted that most homebuyers here have a mortgage, but they also found that Minnesota tends to pay young adults well. They found that the average young adult income (ages 25-44) was $94,800.

Also in the study, they report that the homeownership rate in Minnesota, regardless of age, is 74.6%, which is the highest in the US.

Plus, the average cost of a home in Minnesota isn't the lowest in the US, but it's definitely not the highest, at $323,436.89.