Will Student Debt Keep You From Buying a Home?
Many adults dream of becoming homeowners one day, but some buyers may have to wait even longer to get their names on a mortgage -- if they can manage to do so at all. According to the Federal Reserve Bank of New York, the number of people who purchased homes by age 30 dropped from 31% in 2004 all the way down to 21% last year . And a big part of the reason boils down to student debt.
In fact, college loans accounted for up to 35% of the decline in homeownership among 28- to 30-year-olds between 2007 and 2015. Incidentally, they also explain why millions of Americans have a negative net worth, a phenomenon achieved when one's outstanding liabilities outweigh his or her assets.
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Source: Fool.com
