The collective of $1.5 trillion in millennial student debt seems to be causing more havoc than just the suspected end of restaurant chains – its delaying homeownership dreams.
It’s no surprise that student debt from colleges and universities have changed the housing market. Millennials aren’t looking to buy homes because they simply can’t afford to; their student debt is a massive burden to worry about – why add a mortgage?
HousingWire released a study that found 57% of millennials are shouldering most of the student debt and 59% say that either they or someone they know has delayed purchasing a home because of their loans.
The study also found that women and particularly women of color carry more student debt than men.
So what can be done about it?
HousingWire suggests one of the ways student debt delaying homeownership can be combated, is through understanding and researching the various options for paying back student loans. Most of those surveyed did not know that there are local nonprofits offering free or low-cost counseling on how best to tackle their debt.
While many millennials carry this financial hardship, homeownership is still their ultimate goal. It’ll just take them a little longer to get there.