Although 92 percent of survey respondents said homeownership was an important part of the American Dream, student debt is preventing many younger Americans from turning the dream into reality. Thirty-six percent of respondents said they knew someone who delayed the purchase of a home because of student loan debt, while 59 percent of Millennials acknowledged knowing someone who delayed buying a home for that reason.
Although most respondents identified homeownership as a key tenet of financial stability—80 percent of all respondents and 68 percent of Millennials answered affirmatively—affordability was still a concern. Only 44 percent of respondents believes that where they live is affordable for first-time homebuyers, while 62 percent complained that rent prices are too high for the average person to save to buy a home in their area. Among nonwhites, 65 percent said rent prices were too high in their communities.