There is a lot of speculation, conversations, and quite often, jokes made about why Millennials are not buying homes. A new study has pointed out what similar studies have been pointing out: that student loans are holding Millennials back from buying homes. And the few Millennials that are homeowners credit student loans as the main reason they don’t sell. In addition, the median income for Millennials is $38,000, and to any of you living in Los Angeles most definitely know, that salary will not afford you a house.
Just how high is the percentage of Millennials not buying houses? Here is a quote from the original article on Real Deal LA:
“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.”