{"id":48461,"date":"2016-05-11T06:47:16","date_gmt":"2016-05-11T13:47:16","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=48461"},"modified":"2020-10-06T12:58:39","modified_gmt":"2020-10-06T19:58:39","slug":"student-debt-might-and-millennial-homeownership-arent-necessarily-exclusive","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/student-debt-might-and-millennial-homeownership-arent-necessarily-exclusive\/","title":{"rendered":"Student Debt And Millennial Homeowners\u2014Maybe They Can Live Together After All"},"content":{"rendered":"

Is student debt hurting the housing market? Conventional wisdom and its pundits<\/span><\/a> say yes. But the answer might not be that clear cut. <\/span>A new analysis suggests that a college education does more to help than hurt homeownership, even it it means taking on debt.<\/span><\/p>\n

The biggest gap in homeownership isn\u2019t between grads with and without student loans, it\u2019s between the education haves and have nots, according to economist <\/span>Susan Dynarski<\/span><\/a>, a University of Michigan professor and a fellow at the nonprofit <\/span>Brookings Institution<\/span><\/a>.<\/span><\/p>\n

Homeowners with student debt buy their first house a little later in life, but by the time they reach 35, they\u2019ve caught up with their peers who are loan-free, Dynarski found. <\/span>But there’s a\u00a0<\/span>big, persistent difference<\/span><\/a> in the homeownership rate of those with a college education and those without. <\/span><\/p>\n

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\"homeownership
Source: Board of Governors of the Federal Reserve System<\/figcaption><\/figure>\n

\u201cThe striking, large gap is between the college-educated and those who stopped with high school,\u201d Dynarski <\/span>wrote<\/span><\/a>. \u201cThe college-educated–even those with student debt–are winners in our economy.\u201d<\/span><\/p>\n

The finding is a fresh take on data from the Federal Reserve Bank of New York, where analysts have warned<\/a> that the rising college debt burden has prevented young adults from buying cars and houses.<\/p>\n

What if millennials can\u2019t spend like grownups?<\/span><\/h3>\n

There\u2019s no doubt student debt has ballooned enough to alarm the housing industry. This week, the <\/span>National Association of Realtors<\/span><\/a> made it a highlight of their annual legislative meeting in Washington.<\/span><\/p>\n

Millennials are on track to be the nation\u2019s <\/span>most-educated generation<\/span><\/a>, according to Pew Research Center. And in the past decade, the level of outstanding college loans more than doubled to $1.2 trillion, according to Rohit Chopra, a senior advisor at the Department of Education. The average indebted graduate has $29,000 in student loans.<\/span><\/p>\n

Economists can disagree on what, if anything, those financial obligations are doing to the housing market, but there\u2019s no doubt that first-time homebuyers have become scarce since the housing collapse. They currently account for less than a third of purchases, a low last seen in 1987, according to the <\/span>Realtors association.<\/span><\/p>\n

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\"Millennial
Source: Federal Reserve Bank of New York; Census<\/figcaption><\/figure>\n<\/figure>\n

If millennials can\u2019t afford to spend like grownups, what will happen to them and to the economy? Homeownership in the U.S. already is at a <\/span>near-record low<\/span><\/a> of 63.5 percent, a decline that’s been <\/span>particularly dramatic<\/span><\/a> for younger adults. For millennials aged 25 to 29, the homeownership rate is <\/span>less than half<\/span><\/a> the national average and falling.<\/span><\/p>\n

There are signs that might be turning around. A survey from TD Bank<\/a> found that nearly 40 percent of millennials will be looking to buy their first home in the next year, said Julian Castro, secretary of Housing and Urban Development.<\/p>\n

\u201c<\/span>The American Dream of homeownership is as strong today as ever,\u201d Castro said in a speech<\/a> to Realtors.<\/span>\u00a0\u201cAnd perhaps the best news of all is that millennials are showing that their generation is just as committed to homeownership as their parents and grandparents.\u201d<\/span><\/span><\/p>\n

Last month, the Federal Housing Administration took action, making it easier<\/a> for\u00a0homebuyers with student debt\u00a0<\/span>to get a mortgage. The agency also is working to make condo purchases easier to finance, which should help first-time buyers. And Congress and the White House are talking about ways to make college loans less of a burden.<\/span><\/p>\n

\u201cSeven million Americans are in default on a student loan, of course it\u2019s going to be tougher for them to get a mortgage,\u201d Chopra told Realtors. \u201cWe have serious<\/span> work to do to fix what\u2019s going on.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The numbers challenge conventional wisdom that college grads with loans aren\u2019t buying houses<\/p>\n","protected":false},"author":13355,"featured_media":48478,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[70,32,97],"coauthors":[],"class_list":["post-48461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-home-buyer-tips","tag-housing-market-tracker","tag-millennial"],"acf":[],"yoast_head":"\nStudent Debt And Millennial Homeowners\u2014Maybe They Can Live Together After All - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Is student debt and it's effect on millennial homeowners hurting the housing market? 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