Sixty-one percent of millennials said they’ve delayed buying a house because of student-loan debt, according to a SoFi survey.
Student-loan debt and skyrocketing housing prices make homeownership unaffordable for many millennials.
The Fed found that student-loan debt is linked to more than 20% of the decline in homeownership among adults from 2005 to 2014.
The relationship between student-loan debt and homeownership needs to break up.
Sixty-one percent of millennials said they’ve delayed buying a house because of their student-loan debt, according to a new survey by personal finance company SoFi. The survey polled more than 1,000 Americans ages 22 to 35.
But that’s not the only major life milestone they’re delaying because of student-loan debt. Of the survey respondents, 39% said they’ve delayed moving to another city, and 35% said they’ve delayed starting a family.
Millennials are facing the Great American Affordability Crisis — they’re financially behind from the aftermath of the Great Recession and dealing with a higher cost of living than previous generations were; student-loan debt just weighs these problems down even more. The national total student debt is over $1.5 trillion, and the average student-loan debt per graduating student in 2018 who took out loans is $29,800, according to Student Loan Hero.
For the full article click here: https://www.businessinsider.com/millennials-delaying-homeownership-student-loan-debt-2019-9
Parents- Don’t make the same mistakes 87% of parents make.
Get the correct information from one of our collegiate athletics specialists.
Call now: 1-877-99-COLLEGE or click here: Student Services
Join the other families who have streamlined and maximized the college entrance and financial aid/funding process.