Student loans are preventing many younger adults from buying a home, according to a survey by the National Association of Realtors and American Student Assistance. Survey respondents were Millennials aged 22 to 35 who are currently repaying their student loans.
Eighty percent of respondents do not own a home, the survey found, and the single biggest reason is student debt. Fully 83 percent of respondents say student loans are causing them to delay home buying. The biggest reason for the delay is their inability to save for a downpayment (cited by 86 percent), followed by feeling financially insecure because of their debt (74 percent). How long will they delay buying a home? A median of seven years.
Student loan debt is also causing younger adults to delay other life decisions. The 55 percent majority of survey respondents say their debt is causing them to delay starting a family, and 41 percent say it is causing them to delay getting married.
Source: National Association of Realtors and American Student Assistance, Student Loan Debt and Housing Report 2017—When Debt Holds You Back
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