Student Loan Debt Crisis6/7/2019
While debt is a problem facing many Americans, student loan debt is the biggest factor holding millennials up in their ability to purchase a home. Mortgage debt is still the vast majority of overall consumer debt, but it is not growing nearly at the rate that student loan debt is growing at. According to fortune.com, since 2009 mortgage debt increased 3.2% while student loan debt grew 102%. That is an astronomical increase!
Many millennials desire to purchase homes but are delaying home ownership in an effort to pay down, or pay off, student loans. We have many lenders in the area who work with buyers wishing to purchase a home but need to maintain an appropriate debt-to-income ratio. If you or someone you know desires to purchase a home but is struggling with student loan debt, give me a call today and I will help direct you to lenders who might be able to help. In the meantime, we can start looking for the home you desire!