A new survey by the National Association of Realtors and SALT, an American Student Assistance program, indicates that sizeable student debt is delaying many would-be first-time home-buyers from entering the market for up to five years. Moreover, 40 percent said that student debt is preventing them from moving in to their own place after graduation.
Older millennials – 26 to 35 – and those with debts between $70,000 and $100,000, faced the most severe impact.
69 percent believe they are not financially secure enough to buy a home while a full 63 said they didn’t think they could qualify for a mortgage.
Of those surveyed most owed between $20,000 and $30,000 although 38 percent claimed their debt was $50,000 or higher.
Students’ home purchases are being delayed by up to five years as they struggle to repay loans taken out to fund their education, according to a new survey carried out by the National Association of Realtors and SALT, an American Student Assistance program.