It’s a process of growing up that is repeated time and time and time again. Graduate from High School, go to college, get a decent job, and within a couple years of working – say around age 25 or so - buy your first home.
At least, that’s the way it used to be. But the soaring cost of a college education has saddled today’s younger generation with substantial student loan debt. And in spite of generous first time home buyer programs, it is that debt that is becoming a major hurdle that’s hindering the millennial generation from purchasing their first property.
Realtor Christine Espinoza says student loan debt is soaring, leaving very little money now for adults in their mid twenties to mid thirties to buy a home.
Espinoza adds, “When you have a $30,000 debt leaving college, it’s harder to save up for a down payment.”
It is part of the reason millennials are becoming known as the “rental generation” in real estate.
And that’s big business for some.
“Places are flying off the market because there are a lot of people who need rentals,” Espinoza comments.
But experts advise that owning is always better than renting.
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