The cost of student loan debt and other monthly expenses leave little spare
Many younger Americans are pushing homeownership down their list of priorities as they struggle to find any spare money to save for a down payment.
That’s a key finding of a survey by NeighborWorks America which found that 34% said paying off their student loan debt is their biggest financial priority and 31% want to eliminate their credit card debt.
Figures from the Federal Bank of New York put average undergraduate student loan debt at $28,650 in 2017.
“We understand young adults struggle with student loans and other obstacles to buying a home and to financial well-being. If they visit a financial coach early in their professional lives, they can navigate their financial lives responsibly,” saidNeighborWorks America President and CEO Marietta Rodriguez.
One-third of Americans surveyed said they are likely to seek out help about homeownership over the next year or two, down significantly from 2018, when more than 50% said the same.
Overall, 70% of the 1,000 surveyed called the home buying process complicated, but believe owning a home increases financial stability (77%) and they would feel less successful (52%) if they never purchase their own place, down from 60% in 2018.
