Wondering Why Millennials Aren’t Buying Homes? This Might Be a Reason.
Higher education remains a solid, reliable path to a better job and better wages. However, very few students can meet the rising costs of university tuition without extra financial assistance. Over the past few decades, student loans have helped millions bridge that gap and receive a high-quality education.
But at what cost? Last week, the Urban Institute updated Debt in America: An Interactive Map to include student loan debt. The scope and magnitude of this debt in Virginia is remarkable: 16% of Virginians have student loan debt and make an average monthly payment of $187. Explore the map to reveal data by county and city.
Why is this important for housing advocates? According to a 2017 report (PDF) from the National Association of REALTORS, 83% percent of non-homeowners say that student loan debt is a factor keeping them from buying a home