Majority of Americans believe student debt delays homeownership
Slightly over half of all borrowers say they expect to be delayed from buying by more than five years.
This is according to a new joint survey on student loan debt and housing released by the National Association of Realtors and SALT, a consumer literacy program provided by nonprofit American Student Assistance.
The results also revealed that student debt postponed four in 10 borrowers from moving out of a family member's household after graduating college.
Nearly three-quarters of non-homeowners polled in the survey believe their student loan debt is delaying them from buying a home.
Broken down by each generation and debt amount, the percent share is the highest among older millennials approximately aged 26 to 35 (79 percent) 2 and those with $70,000 to $100,000 in total debt.
Regardless of the outright amount of student debt, more than half of non-homeowners in each generation report that it's postponing their ability to buy.
The survey, which only polled student debt holders current in their repayment, yielded responses from borrowers with varying amounts of debt from mostly a four-year public or private college.
Forty-three percent of those polled had between $10,001 and $40,000 in student debt, while 38 percent had $50,000 or more. The most common debt amount was $20,000 to $30,000. ■