Morning Minute: Survey looks at the impact of student loan debt on homeownership

A college degree may be the key to getting the career that you want, but the student debt that often comes with it could be affecting when you make other long-term decisions such as buying a home, according to a new survey.

A new joint survey from the National Association of REALTORS® (NAR) and SALT®, a consumer literacy program from American Student Assistance, found that 71 percent of non-homeowners with education debt believe that their student loans are causing them to put off buying a home. Read more from NAR about the survey.

“Among non-homeowners who believe student debt is delaying their ability to buy, over three-quarters – including over 80 percent of millennials – said their delay is because they can’t save for a down payment. Additionally, 69 percent don’t feel financially secure enough to buy, and 63 percent can’t qualify for a mortgage because of high debt-to-income ratios,” said NAR Chief Economist Lawrence Yun

In other headlines:

Average Chicago property tax bill up nearly 13 percent – Chicago Tribune

CoreLogic Reports 37,000 Completed Foreclosures in April 2016 – CoreLogic

Leave a Reply

Your email address will not be published. Required fields are marked *