NAR survey shows how college, student debt affect homeownership

The National Association of Realtors (NAR) and SALT, the American Student Assistance’s consumer literacy program, recently released a joint survey which found that 69% of millennials don’t feel financially secure enough to buy a home, and 63% can’t qualify for a mortgage because of their high debt-to-income ratios.

The $1.4 trillion in student loans Americans owe is making it increasingly difficult for them to become homeowners.. said Jessica Lautz, managing director of survey research at the National Association of Realtors.. a senior research associate at the Joint Center for Housing Studies at Harvard University.

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including questions about whether carrying student debt is tempering their ability and appetite to take on mortgage debt. For the first half of the year, NAR’s survey found that the share of.

NAR survey: 71% of potential homebuyers with student debt sidelined from market. the NAR also reported that while millennials have said that student debt affects their ability to save for a.

 · The increase in student debt between the two periods reduced the homeownership rate by 2 percentage points, therefore accounting for about 20 percent of the 9-point decline.

NAR and ASA’s new study found that only 20% of millennial respondents currently own a home, and that they are typically carrying a student debt load ($41,200) that surpasses their annual income ($38,800).

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 · Likewise, another study about homeownership and student debt by the Federal Reserve looked at credit reports and data on college attendance from the National Student Clearinghouse. The study shows.

The U.S. currently has a student debt load of $1.4 trillion, which accounts for 10 percent of all outstanding debt and 35 percent of non-housing debt. The magnitude of the debt continues to grow in size and share of the overall debt in the economy.

 · The facts below show how students of color depend on financial aid to finance their college education and how they are uniquely impacted by student debt. 1. Students.

STUDENT LOAN DEBT AND THE EFFECTS ON THE BROADER ECONOMY by. 2 Ann Marie Wiersch, The Cost of College: Student Loan Debt on the Rise, Federal Reserve Bank of Cleveland, January 31, 2014. 2. 8 NAR Generational Survey:.

Lawrence Yun, nar chief economist, says the survey findings bring to light the magnitude student. a college degree increases the likelihood of stable employment and earning enough to buy a home,