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Student Debt Affects The Housing Market
A majority of Americans still feel that home ownership is a major aspiration but many are finding it more difficult to achieve it because of the huge amount of student debt they have.
A recent survey by Neighborworks found the housing market is still being affected by buyers that have student loan debt. 28% of adults surveyed knew somebody that has delayed their purchase of a home due to their student loan debt. About 57% acknowledged that their loans were "very much or somewhat" causing a problem in obtaining a mortgage for their home purchase.
About 19% of potential home buyers said that their views of being a home owner has worsened since the housing crisis. However, only 11% of potential home buyers that do not have student debt reported that their view of home ownership has worsened.
The mortgage process is a major concern of almost 70% of potential home buyers even though mortgage rates are at near historical lows. Nearly 76% with student debt state that the home buying process is very complicated and confusing.
The goal of the "American Dream" of home ownership still continues to be very important to nearly 87% of respondents surveyed.
Minorities are the fastest growing and most excited about becoming a home owner. 10% of Hispanics & 16% of African-Americans responded that owning a home is the most important of their view of the "American Dream" while only 8% of Caucasians have the same view.
Student debt will definitely continue affecting the housing market in the foreseeable future. An improvement in the job market should help getting these home buyers with student debt into the "American Dream" of home ownership..........................