Damaged credit scores, missed student loan payments, and debt are robbing possibilities of homeownership for an increasing amount of college grads, according to recent reports. In addition to weak job perspectives, high debt levels “have made it hard for many young, educated Americans to buy homes.” CNNMoney
College grads are also increasingly choosing to stay with their parents in order to save money or pay expensive installments on student loans. Unfortunately, this move makes it harder for college grads to build the necessary credit history to someday get a mortgage.
“The result is a decline in percentage of 18-to-32 year olds heading up their own homes – just 34.3 percent as of this past March, according to Pew, versus 36.1 percent in 2007,” according to CNNMoney.
According to a recent report from the New York Federal Reserve “for the first time, the homeownership rate among college graduates was less than non-grads.
Read “Young and smart, but Millenials face homebuying hurdles” for details.