Student loans are stopping first-time buyers cold

Student loans are stopping first-time buyers cold

Student loans are stopping first-time buyers cold
For millennials, student loan debt is the number one reason they are delaying their transition to homeowner. A new survey released by the National Association of Realtors found that 60 percent of non-homeowning millennials say college debt is hindering their ability to buy a home with most student loan borrowers saying the burden of their debt impacts their daily lives.

“Housing affordability is worsening, leaving future homebuyers with student debt at a severe disadvantage,” said NAR President Charlie Oppler. “Younger Americans shouldn’t have to choose between education and homeownership.”

Student loan debt has also been found to be a major factor for millennials choosing to delay other major life decisions like saving for the future and getting married.

Today, conforming no-point 30-year fixed mortgage rates are averaging 2.75 percent and 15-year rates are near 2.00 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.