• Home
  • Who We Are
  • Journal
  • Contact Us
Surviving Sacramento Surviving Sacramento Surviving Sacramento Surviving Sacramento
  • Home
  • Who We Are
  • Journal
  • Contact Us
Millennials believe Student Debt Blocking them from Homeownership

Millennials believe Student Debt Blocking them from Homeownership

December 15, 2017 Economy, Employment, Housing

According to a report released this year by the National Association of Realtors (NAR) and American Student Assistance, crushing student debt is further driving down homeownership in cities such as Los Angeles that are already facing high costs and low inventory. The report shows that the typical student debt load is around $41,000, which is several thousand dollars more than the annual median income of the respondents. The Census Bureau reports that Los Angeles has the third-lowest homeownership rate, 50.1 percent, of the country’s top metropolitan cities. Jessica Lautz, who directs survey research at NAR, states,

As you have fewer homes on the market, prices are just going to rise steeply and more out-of reach for these consumers.

The San Jose and New York metros have lower shares of homeowners than any other metropolitan cities in the United States, according to the Census Bureau. A survey conducted this year by the California Association of Realtors among 2,200 millennials also found that student debt is preventing millennials from saving for retirement, changing jobs, marrying and having children. A quarter of those surveyed stated that student debt prevented them from even exploring homeownership. It’s sad to hear that millennials are in so much debt that they are essentially discouraged from buying a home, but hopefully something can be done to change these issues.

Read the full article here

Tags: Affordable HousingAmerican Student AssistanceCalifornia Association of RealtorsCARCensus BureauChildrenDebtEmploymentHomeHomeownershipHomesHousingJobsLos AngelesMetropolitanMetrosMillennialsNARNational Association of RealtorsNew YorkReportResearchRetirementSan JoseStudent DebtSurvey
Share

You also might be interested in

Report Claims that Los Angeles County’s Homeless need more than Housing to stay off the Streets

Report Claims that Los Angeles County’s Homeless need more than Housing to stay off the Streets

Jun 14, 2018

According to an analysis conducted by the Economic Roundtable, housing[...]

Getting Taxed To Death By California State Legislature

Getting Taxed To Death By California State Legislature

Sep 1, 2017

Sacramento area state elected official, Assemblyman Jim Cooper, seems to[...]

California ranks the worst in quality of life in the nation

California ranks the worst in quality of life in the nation

Apr 2, 2018

U.S. News & World Report released a study ranking the[...]

Leave a Reply

Your email is safe with us.
Cancel Reply

You must be logged in to post a comment.

© 2021 · Surviving Sacramento.

Prev Next