20% of Millennials are Homeowners

The national Association of realtors combine with the nonprofit American student assistance program surveyed a group of 2,203 millennials ages 22-35 and found that 20% of them own a home while also having student debt. Their debt was more than their income! They averaged a debt of $41,200, and an average income of about $38,800.

The other 80% who do not own a home, 83% of them included their debt has stopped him from buying a home. Another 84% said they are waiting at least three years to buy because of their student loans. They are of the belief that their debt is also hindering their ability to save for retirement. 

A shocking 61% of respondents said they haven't saved a single penny for retirement, and 32% say they save occasionally for their retirement.

The fact that millennials and younger generations are having to borrow thousands, and sometimes hundreds of thousands of dollars just to get an education is severely limiting their housing situations. Not only are their housing situations in jeopardy, but future life decisions too. 

First-time home buying sales have been at record lows and this is partially to blame for the debt. Even the older millennial who do make a decent living are putting off buying a home because the down payments are still too large.

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