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Student debt delays home purchasing among millennials

Student debt delays home purchasing among millennials

While student loan debt rise, homeownership falls.

Student debt in the U.S. is over 1.4 trillion USD, and it continues to grow.

Where are millennials most likely to buy? (2016) – Credit: theMReport.com | Nielsen | Realtor

Alongside with this growing tendency, millennials are not purchasing homes, and it seems to be that the reason is student debt, according to a survey of the National Association of Realtors.

In collaboration with the American Student Assitance, the survey results pointed out that only a fifth of millennial respondents own a home, while 83% assure that scholar debt is the main reason they are not doing so.

Home purchases: hand in hand with debt

While debt is on the rise, homeownership rates fall.

The National Association of Realtors declared that even among successful home owners, student loan debt can be spotted, as 27% of them suffer from it.

Debt among the survey respondents have mainly generated through four-year college plans, as 79% of those alumni experience a delay due to student debt.

Millennials are not buying homes, but they are working

Millennials –who are born between 1977 and 2000– make up for 25% of the U.S. population.

And although they may be having trouble buying a home, work disposition is a big deal with millennial respondents, as 84% of those who answered the survey currently work full-time.

32% of student loan borrowers have remained in a job despite being unhappy to pay off their student loans; 30% took a job outside of their field of study to pay off loans.

Final survey results proved 9 in 10 respondents would be interested in a job if an employer offered student loan debt repayment benefits.

Read the complete study of the National Association of Realtors.