A new survey from the National Association of REALTORS® shows that the student loan debt carried by millennials has major implications for the U.S. economy. The typical millennial student loan debt load is $41,200, which is greater than their average annual income, $38,800. This has delayed several major financial and personal milestones, including:
• 83% of millennials surveyed say they have had to delay buying a home
• 86% have made career sacrifices
• 41% delayed marriage
• 55% postponed having children
• 61% are not adequately saving for retirement
Read NAR and American Student Assistance’s report “Student Loan Debt and Housing Report 2017.” Speak with some millennials in your area about how student loan debt has affected their purchasing habits and their ability to save for major life events. Talk with REALTORS® about the number of millennial homebuyers they have worked with and if they have noticed student debt affecting their ability to buy or had an impact on the type of home they purchased.