Millenial’s (people that are roughly 18 to 33 years old) are not as interested in buying homes today as their baby-boomer parents were at their age and, while there are probably some lifestyle issues that play a large part of it, the debt they are piling up in student loans may have something to do with their decision not to take on mortgage debt as well. According to information provided by TransUnion, the percentage of Millenial’s debt that is attributed to student loans is 36.8% today, an increase of over 185% from 2005 when student loans were responsible for just 12.9% of that age groups debt. On the hand, the percentage of the Millenial’s debt today that is for a home mortgage is 42.9%, down 32% from 2005 when it was 63.2%, according to TransUnion.
This article was written by Dennis Norman and found at http://stlouisrealestatenews.com/st-louis-real-estate-market/millennials-today-racking-student-loans-home-loans/- The Alexander Team really thought the article was great and wanted to post it to the blog. Thanks Dennis!