Student Debt Forces 7-Year Homebuying Delay #finance #realestate #homeownership #investment

Source:  Housing Wire

Young adults strapped with student debt are delaying buying a home an average of seven years, according to a joint study by the National Association of REALTORS and American Student Assistance released Monday.  The average student debt load among survey respondents - who are millennials between the ages of 22 and 35 - is $41,200, which is higher than their average annual income of $38,000, the study shows.

Eighty percent of the more than 2.000 respondents said they do not own a home.  The vast majority of that group - 83 percent - blame student loan debt for their delay in buying a home.  "The tens of thousands of dollars many millennials needed to borrow to earn a college degree have come at a financial and emotional cost that's influencing millennials' housing choices and other major life decisions," says NAR chief economist Lawrence Yun.  "Sales to first-time buyers have been underwhelming for several years now, and this survey indicates student debt is a big part of the blame."  Even a large majority of older millennials and those with higher incomes say they're being forced to delay homeownership because they can't save for a down payment and don't feel financially secure enough to buy.

Check out the full story here:
https://www.housingwire.com/articles/41326-nar-reveals-how-long-student-debt-is-delaying-homeownership

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