Study: Debt-Burdened Millennials Delay Buying for 7 Years
A recent survey from Clever, an online real estate marketplace, found that 84% of millennials believe homeownership is part of the “American Dream,” but a notable 48% of undergraduates put off buying a home because of student loans – about $1.5 trillion of them.
According to the survey, debt-burdened graduates now delay homeownership by an average of seven years. “This delay has a significant impact on the housing market because college graduates want to buy homes,” says the study.
“According to a recent Federal Reserve study, a $1,000 increase in student loan debt lowers the homeownership rate by about 1.5% – equivalent to an average delay of about 2.5 months in attaining homeownership.”
An earlier LendingTree report found that 88% of home buyers grappling with student loan debt are now more likely to consider purchasing a “fixer-upper” home.
Source: HousingWire (08/09/19) Lloyd, Alcynna
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