A new study from the National Association of Realtors and nonprofit American Student Assistance found that student debt typically delays Millennial home ownership by about seven years. A majority of Millennials have a debt burden several thousand dollars higher than their annual income, affecting their ability to buy a home as well as other major life decisions, such as saving for retirement. Another study from Fannie Mae found that while college graduates are more likely to buy a home than those with only high school degrees, students who attend college and accumulate debt but do not graduate are actually 32% less likely to become homeowners than high school graduates.
Student debt often prevents young would-be home buyers from coming up with a down payment. The NC Housing Finance Agency helps address that by offering the NC Home Advantage Mortgage™ with down payment assistance that’s up to 5% of the loan amount. Learn more.