Boston’s high prices keep home ownership out of reach for Millennials

Student loan debt, currently estimated at 1.56 trillion is still impacting Millennial homebuyers according to a recent report from Bankrate.com. According to the report “31 percent of Americans say they currently have or have had student loan debt stemming from their own education.” It goes on to reveal, “an additional 13 percent of American adults financed another family member’s school expenses through student loans.” People responding to Banknote’s survey, 31% report they have delayed homeownership.

No matter how many possible solutions are tossed around Washington and beyond on reducing the crushing burden of student loan debt, it remains one of the top reasons Millennials (23-38) are putting off buying a home. Compare the numbers to their baby boomer parents with only 15% of them who delayed buying a home because of student loan debt. Consider that 39% of the respondents earn an annual income of $80,000 and over.

Bankrate.com’s Senior Economic Analyst Mark Hamrick based in Washington sees it this way. “When we look across the landscape, potential home buyers are among those most adversely affected. When we receive data from the Federal reserve showing student loan debt…