The NAR’s economist Lawrence Yun said, "A majority of non-homeowners in the survey earning over $50,000 a year – which is above the median U.S. qualifying income needed to buy a single-family home – reported that student debt is hurting their ability to save for a down payment.".
College Debt Is Postponing Homeownership-but by How Long?. and this survey indicates student debt is a big part of the blame.. Many millennials are in the dark about college costs-in.
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She graduated from Trocaire College. Big debt, lost wealth Rappa is part of a generation burdened by significant debt. An analysis by the Federal Reserve Bank of St. Louis of the Fed’s most recent.
According to new data from the National Association of REALTORS, you can add repaying student debt to the list of barriers holding back millennials from buying their first home. Earlier this month, NAR released a new survey looking at the home buying opportunities of student debt borrowers who are current in their repayment. The findings affirmed the notion that repaying student debt is impacting the housing market.
Student Debt at $1.4 Trillion. Students owe an estimated $1.31-trillion for loans in 2017. Approximately $4,000 in student debt is accrued every second. The average student debt for a 2016 college graduate was $37,172 (up 6% from the previous year). Living with student loan debt is not easy.
NAR survey shows how college, student debt affect homeownership Jenifer Contents Fracking? california bay area home harbors investment corp Fbi chief defends Housing recovery missing key group: young first-time buyers.
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Look at survey evidence. Looking only at those who went to college, student loan debt more likely affects the timing of homeownership than people’s eventual attainment of it Home Ownership Rate for 23 to 35 Year Olds . Source: Mezza et al., "Student Loans and Homeownershi p Trends", Feds Note,
Last month, a joint NAR/SALT/American Student Assistance survey found that 71% of those who carried student loan debt considered it a barrier to homeownership. More than 50% of those surveyed.
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Even if they were able to afford a down payment, 63 percent said they do not qualify for a mortgage, thanks to their debt. However, student loan debt isn’t only impacting non-homeowners. NAR said that 31 percent of current homeowners are not putting their homes on the market, due to student debt.