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Student Loan Debt Is Keeping Millennials From Buying Real Estate

Student Loan Debt Is Beginning To Affect The Housing Market As Millennials Hold Off Buying Real Estate

Student Loan Debt

Student loan debt is starting to affect the housing market and that should be no surprise. Millennials are reluctant to buy their first home until they finish paying off their student loan debt.

A National Association of Realtors report finds that 83% of Millennials cite student loan debt as the reason.

Almost 30% of the Millennials who do own a home say their student debt prevents them from selling. Among first-time home buyers, 40 percent still have student loans.

Millennials on average owe $41,000 in student loan debt. The survey also shows that half of the millennials surveyed say they delayed a major life event due to their debt. The total American student debt load is over $1.4 trillion. The median annual income of the respondents was $38,000.

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Comments

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