We wanted to comment on a recent article posted by CNBC about the millennial generation and their slow entrance into homeownership. The study reports that 89 percent of millennials plan on buying a home but that 48 percent do not have anything saved for a down payment. The number one contributor to this lack of savings is student loan debt.
“Student debt is keeping homeownership out of reach for many millennials,” the authors of the study wrote. “We estimate that 23 percent of college graduates without student debt can save enough for a down payment within the next five years, compared to just 12 percent of college graduates who are currently paying off student loans.”
From a real estate agent perspective, this article does little to highlight the amount of solutions to this problem. For millennials or people with student loan debt, we recommend speaking with us about your options. There are plenty of ways for you to get into homeownership, even while having a large amount of student loan debt. From down payment assistance programs to alternative financing options, we can help you start on your path to homeownership.
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