Posted To: MND NewsWire
Not only is student loan debt delaying first-time homebuyers, it is delaying them for a long time. Seventy-one percent of non-homeowners with debts from student loans said the burden of those monthly payments was keeping them from buying a home. More than half said it would likely continue do so for more than five years, according to a new study by the National Association of Realtors and SALT, a consumer literacy program provided by nonprofit American Student Assistance. Student debt is also keeping 4 in 10 graduates from moving out of a family member’s house. The survey of 3,000 people conducted in April covered only those who are making on-time payments on their student loans. The largest share of those postponing homeownership was among older millennials, aged 26 to 35, and among those…(read more )