Student debt is undoubtedly an issue which delays home ownership for millennials but a bigger gap in home ownership exists between those with a college education and those without. Redfin staffer Lorraine Woellert takes a look at this trend and the effect that student loans have on millennial home ownership.
Millennials are on track to being the most educated generation according to Pew, but at the expense of home ownership due to debt. Home ownership is currently nearing record lows at 63.5% but help may be on the way:
Last month, the Federal Housing Administration took action, making it easier for home buyers with student debt 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.