Yes, Student Debt Is Delaying Homeownership
"College grads have claimed for years that they were putting off buying a home because of student debt. Now, there's strong proof that their loans really have pulled down homeownership rates," CNN Money reports
"About 32% of those in their 20s owned a home in 2007, but that's fallen drastically to 21% in 2016.
While the poor labor market and memories of the housing bubble certainly played a role, student debt can explain up to 35% of the decline, according to a report from the Federal Reserve Bank of New York
If it sounds small, think of it this way: about half of Americans don't go to college and some of those who do aren't dragged down by student debt.
The results suggest that the rise in college costs will result in 'weaker spending and wealth accumulation among young consumers in the years to come.'"
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Publication Date: 7/17/2017