The website gathered data from more than 40 million members that have a mortgage to determine where millennials might be able to afford homes, taking into account how much millennials could expect to make in certain cities, as well as how long it would take to pay off their mortgages.
The study assessed how quickly millennials could pay off their mortgages presuming they paid 28% of their income toward paying down the debt. In that case, the average millennial living in Buffalo could pay off a mortgage in just 107.4 months (just under nine years). In contrast, it would take the average millennial as long as 534.2 months (44.5 years) to pay off a mortgage in Los Angeles.
Here’s Credit Karma’s list of the U.S. cities where millennials could best afford a home, along with the average number of months it would take to pay off a mortgage:
- Buffalo, N.Y.: 107.4 months
- Detroit, Mich.: 110.5 months
- Cleveland, Ohio: 117.2 months
- Toledo, Ohio: 123.2 months
- Pittsburgh, Pa.: 143.8 months
- Garland, Texas: 144.6 months
- Fort Wayne, Ind.: 146.3 months
- Indianapolis, Ind.: 149.4 months
- Memphis, Tenn.: 152.7 months
- Milwaukee, Wis.: 153.6 months
Buffalo, N.Y. is the most affordable city in the U.S. for millennials to buy a home, according to