Millennials, like so many other generations before them, want to buy homes but feel they can't due to poor credit, low monthly income, and too much existing debt. NerdWallet staffer Deborah Kearns explains how these millennials may have some misguided fears and can actually still afford to buy homes.
The analysis by NerdWallet shows that overall this group debt-to-income ratios are at healthy levels with 53% having less than $10,000 in debt. Even a millennial's college debt could become a blessing in disguise:
While it’s no secret that student loan debt has soared in the past decade, to an average of nearly $29,000 per borrower, this isn’t holding Millennials back from buying a home. In reality, NerdWallet’s research discovered that the more education a consumer has, the more likely he or she is to own a home.