The impact of student loans It’s no secret that crippling student loan debt keeps many Millennials from buying a home.
But according to new data, Millennials with student loan debt aren’t just less likely to own a home.
Verify your new rate (Oct 24th, 2018) Buying a home with student loan debt According to a new study from MagnifyMoney, the homeownership rate among Millennials with student loans is just 34 percent — two percentage points lower than those without loans.
Homeowners with student loan debt have properties valued 5 percent lower than those without it.
According to MagnifyMoney’s Rebecca Safier, there are lots of ways this cohort can get ahead on those loans and open the door to better financial health.
“If you can make extra payments, you can get out of debt faster and save money on interest,” Safier said.
Look for areas where you can cut down on spending.
As a result, refinancing could save you money on interest and help you pay off your student loans ahead of schedule.” Get today’s mortgage rates Millennials now make up the largest share of homebuyers, so hope isn’t lost for these debt-saddled Americans.
Shop around and see what mortgage rates you qualify for today.
Show Me Today's Rates (Oct 24th, 2018)