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Student Loan Debt is Hindering the Housing Market

We all have heard the news recently that student loan debt is a rising problem in America. Now to add to all the problems it causes, student loans are causing a drastic decline in Americans 20- 39 years of age from purchasing homes. Today national student loan debt is now at $1.1. Trillion, according to the Federal Reserve Bank of New York.

American households that owe student loan debt have an average of less than 40K to pay towards a home, than those who do not have student loans. Student loan debt is a huge obstacle to owning a home; it causes stress among debtors, and can keep them from making financial investments to better their futures, such as being able to purchase a home.

Student loan debtors who did not finish school and get a degree are also affecting the housing market. They do not have a high-paying degree to land a job where they would be able to afford to buy a home in the market. Some other factors that cause student loan debt to hurt the housing market: graduates with student loans are living with their parents for longer periods of time, thus avoiding getting married and having kids, all factors that would spur someone to purchase a home; also students who have graduated at a time of economic recession and high unemployment is a reason for the lack of millenniums who are purchasing homes.

Student loan debt is a common cause to financial hindrances in America and sometimes debtors feel overwhelmed. In any case where someone is in over their head with student loan debt they should contact an attorney who can help guide them on the right track to get out of student loan debt and become debt free. 

Work Cited:

Is student loan debt hurting the housing recovery? (CNNMoney)

By: Les Christie

http://money.cnn.com/2014/09/24/real_estate/student-loan-debt-home-buying/index.html?iid=SF_PF_Lead

 

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