Federal Housing Administration

Why California stinks for first-time home buyers

Why California stinks for first-time home buyers

If you’re a millennial living in California, buying your first home doesn’t come any harder.

California ranked as the toughest state in the nation for first-time home buyers, who typically would be in the millennial age bracket of 18 to 34, according to a recent report by Claes Bell, an analyst with Bankrate.com.

There are several reasons the Golden State placed last in the report, including the relatively high cost of housing, the tight market for available entry-level homes and the struggle that millennials face in saving for a down payment.

In Southern California, the...

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