While the decision to purchase a home can be a wise choice in planning for long-term financial stability, some first-time millennial homebuyers are running into trouble securing sustainable mortgages due to large amounts of student loan debt.
According to a new analysis by the financial news site MagnifyMoney, millennials carrying student loan debt face significantly higher obstacles to home ownership than those who don’t, and student loan debt even affects the value of a home from a mortgage.
“Millennials with student loan debt tend to have larger mortgages on lower-value homes. The home values of millennials younger than 35 with student loan debt are 5% lower than those without student loan debt,” the report reads.
Millennials with Student Debt are Buying Smaller Homes with Bigger Mortgages
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- Written by: John Patrick for Washington Examiner
- Category: Breaking News - Daily