For the Millenial and Gen Z population of young adults, buying a house seems like a long shot. The housing availability and affordability nationwide aren't exactly in an advantageous position for us.

However, it's not impossible - and more people are closer to affording a home than they think. As they say, when buying a home it's all about the location, location, location. There are few locations better than Michigan to buy a home, especially a starter home.

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On a national scale, things are still fairly tough. According to Realtor.com, mortgage rates are nearing 7%, requiring a minimum income of $70,164 to afford a typical starter home. The average cost of a starter home in the U.S. is $292,950 - more than $100k more than just five years ago.

Thankfully for Michiganders looking to buy their first home, the Mitten State is helping to lower those averages. Only one state requires a lower income to buy a starter home and has cheaper starter homes, and that is West Virginia.

According to data from Realtor.com, Michiganders only need a minimum income of $36,116 to afford a starter home that costs $150,790. Their monthly payment would be $903, $500 cheaper than the median rent in the state which sits at $1,413.

Naturally, this implies a financially frugal lifestyle and an understanding of the dynamics of the Michigan real estate market. The median sales price for houses in Michigan is $256,400 according to Redfin. Further data from Redfin indicates that 26.1% of homes sold in the state are sold above the listing price.

It's also worth noting that abandoned homes in Detroit and Flint impact the market. While the market is good in Michigan, some factors do skew results to seem more favorable.

Still, it is comforting to know that, for now, aspirations of buying a starter home are more achievable than many may perceive.

Three Abandoned Upper Peninsula Houses

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