31 Percent of Millennials Cite Student Loan Debt for Delaying Homebuying

Feb 27, 2019

While a great deal has been written about the impact of student loan debt on hampering potential homebuyers from purchasing properties

Roughly three out of four Millennials carrying student loan debt have put off making at least one major financial milestone due to their debt burden, according to a new survey from Bankrate.com.

Student loan debt currently totals $1.5 trillion. In a poll of 3,885 adults, 73 percent of Millennial respondents stated that their student loan debt prevented from saving for emergencies (38 percent), buying a home (31 percent), paying off other debt including credit card bills (28 percent), buying or leasing a car (28 percent), saving for retirement (25 percent), having children (19 percent) and getting married (17 percent).

Of the Millennial respondents who acknowledged carrying student loan debt, 34 percent said that given the chance for a do-over they would have applied for more scholarships than they did, while 25 percent said they would have attended a cheaper university, 24 percent would have attended a community college or trade school, 23 percent would have majored in a different field and nine percent would not have attended college at all.

“There’s a huge toll being taken on individuals and the U.S. economy from the growing burden of student loan debt,” said Bankrate.com’s Senior Economic Analyst Mark Hamrick. “For the huge slice of the American population with debt, it is necessary to juggle competing goals including saving for emergencies and retirement as well as major life decisions.”

About the author

Phil Hall

Link copied

Published

Feb 27, 2019

Industry News

UWM, UMortgage Under Attack For Alleged Shell Scheme

A report released on April 25 by the hedge-funded media company alleges UWM set up a shell company, UMortgage.

Just weeks after allegations against United Wholesale Mortgage (UWM) were published in an exposé-style report and a class action lawsuit, Hunterbrook Media is once again putting the Michigan lender under the spotlight. On Thursday, the hedge-funded media company published...

Analysis and Data

Homebuying Excitement Is Up Among Veterans

Survey results indicate optimism about housing market among U.S. veterans and service members

Our nation’s heroes are increasingly optimistic about buying homes, new research indicates. The amount of veterans and service members who plan to purchase a home in the next six months was up by 15 percentage points year-over-year, according to the Veterans Homebuying Re...