If the debts you incurred to pay for college is stopping you from purchasing a home, you are not alone. According to the National Association of Realtors, you are part of the eighty seven percent in the same boat. These people (and possibly you) are delaying their plans to buy a home. The median time they are planning to delay this action is seven years. And this is because of outstanding student debt.
Student debt is a reality for many of the students who attend colleges and universities. Educational debt can stop entire generations from achieving the American Dream of owning a home. The typical millennial who owns a home owes over $41,000 in student debt. And that average millennial only earns $38,000.
This outstanding student debt affects millennials in other ways. They are postponing other life decisions also. They are postponing career changes, marriage, families, retirement savings and more. Many are forced to take on a second job. And this is not just recent college graduates. Older millennials are affected too. They are all having issues saving for the down payment and many are concerned that their income is not high enough to afford a mortgage and provide a large enough financial cushion.
A long term ramification of this issue is that many millennials who already own a home, are unable to purchase a move up home. This keeps their existing starter home off the market. And this contributes to the ever worsening shortage of available starter homes.
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