Student Debt and the Impact on the Housing Market
Posted by PreReal™ Prendamano Real Estate on
Let's face it - the burden of student loans isn't fun and it is negatively impacting first time millennial home buyers. The total student loan debt in the United States is nearing $1.5 trillion, which is over a 300% increase in the past 15 years, with an average student coming out of college with almost $33,000 to pay off. Not to mention, private loan interest rates can be north of over 12%. Most students coming out with this type of debt have no idea what this actually means and what they're required to pay. Since loans, just like mortgage payments are amortized, a borrower paying minimum payments over the life of a loan can be paying almost just as much interest as the original loan balance. These crippling monthly payments are definitely having a…
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