Student Debt may Hamper Housing Market for Years

According to a recent Pew Research survey, 36 percent of college graduates are moving back in with their parents, unable to find good jobs and saddled with school debt. While they are saving money, it makes it more difficult to establish a credit history, especially if they have missed a loan payment. The New York Federal Reserve says for the first time non-grads outnumber grads in homeownership. The percentage of 18-32 year olds heading up their own house has fallen from 36.1 percent in 2007 to 34.3 percent March 2013, says CNNMoney, and this could draw on the future of the housing market. Divorce attorney Shane McClelland, 27, of Columbus, Ohio has his own law firm and makes a good living, but the $200,000 he owes in student debt has stymied his buying a home. As MHProNews has learned, one lender refused to even process his loan application. “It’s really delaying the adult milestones I should be hitting,” he says.

(Image credit: Fotosearch–student homeownership becoming wishful thinking)

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