Using data from Zillow, GoBankingRates ranked all 50 states and Washington D.C. to determine which states were the best — and worst — for millennial homebuyers. For the ranking, researchers analyzed the median list price of homes across the country relative to that state's median income for people aged 25 to 34.
In Hawaii, the median millennial salary is $6,076.25 per month, or $72,915 annually, almost $12,000 more than the median millennial salary for the entire U.S., which is $60,932.
Based on this median salary, researchers then calculated how long it would take to save for a 20 percent downpayment on a home in Hawaii if someone put away 20 percent of their salary each month.
The study found that it would take Hawaii homebuyers a little less than 8.5 years, with an average monthly mortgage payment of $3,256 thereafter, based on a median list price of $615,000 for a Hawaii home.
In California, the state taking the No. 49 spot, it would take 8 years for a millennial to put a downpayment on a home, and in Colorado, No. 48, it would take 6 years.
The best place for millennials to buy a home in West Virginia, where it would take just over three years to save up for a 20 percent downpayment on a home.