“This would be a much better world if more married couples were as deeply in love as they are in debt.”
Heavy Student Loan Debt Forces Many Millennials To Delay Buying Homes
Source Date:
Friday, February 1, 2019
Student loan debt in the United States has more than doubled over the past decade to about $1.5 trillion, and the Federal Reserve now estimates that it is cutting into millennials' ability to buy homes.
Homeownership rates for people ages 24 to 32 dropped nearly 9 percentage points between 2005 and 2014 — effectively driving down homeownership rates overall. In January, the Fed estimated 20 percent of that decline is attributable to student loan debt.
For Millions Of Millennials: Some College, No Degree, Lots Of Debt
NEW BOOM
For Millions Of Millennials: Some College, No Degree, Lots Of Debt
Whether that will shift with time as the millennial generation marries and has children is the big economic question.
That's also a big question for Michael McHale, who says as a child, he pictured a suburban, picket-fenced home he eventually wanted to own. "I can remember wanting that since I was 6, 7 or 8," he says.