Student Loan Debt Still A Problem For Millennials

U.S. student loan debt, which is currently estimated at $1.56 trillion, remains one of the top reasons millennials have delayed the home buying process. According to a recent report from Bankrate.com, 31% of Americans say they currently have or have had student loan debt stemming from their own education. Only 15% of their baby boomer parents could say the same. Forbes contributor Ellen Paris has more details on the issue below.
Bankrate.com’s Senior Economic Analyst Mark Hamrick based in Washington sees it this way. “When we look across the landscape, potential home buyers are among those most adversely affected. When we receive data from the Federal reserve showing student loan debt at over $1.5 trillion, we find it important to connect the dots and see how and where it’s impacting individuals.”
For Millennials who have settled in areas like Boston, New York, Washington DC, Los Angeles or San Francisco, even without crushing monthly student loan debt payment, there’s a good chance they are simply priced out of the home buying market.

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