We hear it all the time. The burden of enlightenment, student loan debt, is preventing people from becoming homeowners. Housing and Urban Development (HUD) Secretary Castro, at a recent National Association of Realtors (NAR) event, claimed that student loan debt is the main obstacle preventing millennials from buying a home.
- Is a degree worth it? Yes, the average increase in annual earnings from having a college degree would pay off the average student loan to achieve that degree in less than three years.
- Three quarters of student loan debt holders within the age range of most first-time homebuyers have a monthly payment of less than $400. Yet, they earn more than $750 a month because of their education.
- They have $350 more to spend on housing than they would if they hadn’t gone to college.