The Real Deal New York

Here’s why millennials aren’t buying houses

Hint: it's not because of their value system
September 24, 2017 04:20PM

The median annual income of millennials surveyed was $38,000. (Pixabay)

The answer shouldn’t come as a surprise: it’s because they’re still in debt from college.

A new report from the National Association of Realtors looking at student debt and housing finds that 83 percent of millennials who do not own a home cite student debt as the reason.

For those who do own homes, almost 30 percent say their student debt prevents them from selling. Among first-time home buyers, 40 percent still have student loans.

The median student loan debt was found to be about $41,000 and more than half of the millennials surveyed say they delayed a major life event due to their debt. The total American student debt load is over $1 trillion, while the median annual income of the report’s respondents was $38,000.

[NAR] — E.K. Hudson