DataInvesting

Millennial student debt hurting the housing market, study shows

Survey finds nearly two-thirds of millennials have or will graduate with student debt
  • Of the 1,338 millennials surveyed by LendingTree, the average student debt was $27,162 across the country.
  • Student loans cost millennials about $317 a month throughout the U.S.
  • When asked what purchasing or financial decision was put on hold due to payments, 45.31 percent of millennials mentioned buying a home.

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Student debt is no joke to the economy. A new report shows 46.5 percent of millennials currently own money on student loans, and more than 60 percent of millennial respondents say their monthly student loan bills impact their spending habits "very much" or "somewhat." According to a recent survey conducted by LendingTree -- which included findings collected from 1,338 millennials born between 1980 and 1995 who enrolled in post-secondary education -- nearly two-thirds (63.3 percent) of millennials say they graduated or will graduate with student debt. Ranking all 50 states and the top 100 cities for student debt, LendingTree found that the average post-graduate is $27,162 in the hole. Washington D.C. ranked as the state with the highest amount of student loan debt, the report shows, with an average $39,832.12 per individual. Maryland sat in the no. 2 spot, with an average $32,567.41. Illinois rounded out the top three, with $29,865.77 in student loan debt. Accordin...