Plans start at just $39.95/month!
Call Us Today! 413-773-3333

Heavy Student Loan Debt Forces Many Millennials To Delay Buying Homes

Source Date: 
Friday, February 1, 2019
Categories: 

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.

“This would be a much better world if more married couples were as deeply in love as they are in debt.”
– Earl Wilson
The road to success is always under construction
– Lily Tomlin
"Nothing in life is to be feared. It is only to be understood."
– Marie Curie
“What I would like to do... once I take care of all my kids' student loans, is buy a red 1965 Mustang and fully restore it.”
– Mike Quigley
"There is scarcely anything that drags a person down like debt."
– P. T. Barnum
"Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans."
– Robert Reich
"If we don't change direction soon, we'll end up where we're going."
– Irwin "Professor" Corey