How Student Loan Debt Impacts Home Buyers

Dated: November 23 2018

Views: 272

Young Americans want to own a home. Research consistently shows large majorities who say they aspire to one day become homeowners. And yet, the number of first-time home buyers active in the market has been lower than what is historically normal for several years.

So why aren't more young Americans buying houses?

Well there are a number of factors at play but, among them, student loan debt is a big one. According to one recent study, the average monthly student debt payment for current renters who say they'd like to buy a home in the next year is $388. Naturally, an extra $400 a month to devote to a mortgage payment could go a long way. In fact, with that money, a buyer could afford a house that cost almost $100,000 more. But though that may seem discouraging, the same report also found that prospective buyers with student loan debt can still afford 52.3 percent of homes currently listed for sale. And, in areas where there are more affordable homes available for sale, it's even easier to find something in a price range that works. In St. Louis, for example, a buyer with student loan debt can still afford nearly 75 percent of currently listed homes. 

Homes for Sale in Lafayette

Abbeville
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Ted M. Daigle eXp Realty

Ph. 337-243-6108

ted.daigle@exprealty.com

1720 Kaliste Saloom Rd Suite B-2

Lafayette, Louisiana 70508

Ted M. Daigle | Realtor

995694847

www.337homesearch.com

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www.listingwithted.com

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Ted Daigle

About Ted Daigle – Realtor Growing up in Church Point, LA instilled values of hard work and dedication, which has carried over into every aspect of his life, including real estate. This Lafayette r....

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