The issue of student debt as a hindrance for potential homebuyers has been discussed for years—after all, how can one even begin to think of purchasing a home and paying a mortgage when struggling to pay hundreds of dollars in student loans each month? In fact, according to the National Association of REALTORS® 2015 Housing Pulse Survey, 78 percent of respondents said that college debt and student loans are an obstacle to purchasing a home (that number is 86 percent when just asking millennials). Additionally, 74 percent of respondents said coming up with the down payment and closing costs for a home purchase is also an obstacle. But this doesn’t mean millennials are disregarding homeownership; the survey shows that 85 percent of Americans still believe owning a home is a good decision.
Review NAR’s 2015 Housing Pulse Survey and infographic. Ask a REALTOR® in your community what he or she is seeing in terms of millennials purchasing homes. Talk to millennials in your area to see what they think about homeownership.