Suffocating student debt and poor job prospects are making it difficult for millennials to buy homes, and could hamper the housing market for years to come, CNNMoney reports.
As of March, just 34.3 percent of 18 to 32-year olds were heading up their own homes, down from 36.1 percent in 2007, and for the first time ever, the homeownership rate among college graduates is below the rate for non-graduates, according to research cited by CNNMoney.
“Buying a home will be a mid-30’s project for me at the earliest,” one 24-year-old with $80,000 in debt told CNNMoney.
Added another millennial about his student debt: “It’s really delaying the adult milestones I should be hitting.”
