Millennials and women are underrepresented within the homeownership space, and a recent study found student loan debt is the main obstacle within these sectors. One potential solutions for the issue include education about student loan debt counseling. One additional challenge is that about 73 percent of adults surveyed perceive the home buying process as complicated.
Liz Dominguez | RIS Media
Rising interest rates, a seller’s market and increasing home values…these are just a few of today’s market challenges for buyers. While 92 percent of adults say homeownership is an important part of the American Dream, student loan debt is the predominant obstacle, according to the sixth annual NeighborWorks America at Home survey. This is especially true for millennials and women—underrepresented segments within the homeownership space.
Student loans have amassed previously inconceivable amounts of debt, currently towering at $1.5 trillion and comprising 42 percent of all consumer debt. This school-related debt has ballooned by 130 percent since 2008, according to the report, and women are carrying nearly two-thirds of the total amount, or nearly $900 billion.
The key findings? Women (29 percent) stand out as being heavily burdened compared to their male counterparts—only 23 percent of males hold student loan debt. Of these women, 50 percent state their debt is a constant worry, and 38 percent of debt-holding women personally know of someone who delayed homeownership because of their substantial financial liabilities.
To read the story in full, click here: Student Loan Debt a Homeownership Barrier for Women and Millennials