NAR Research’s new survey out today on millennial student debt offers up some sobering news that has both implications for the housing market and overall economy. Consider the key findings highlighted below.
- Millennials are typically carrying a student debt load ($41,200) that surpasses their annual income ($38,800)
- 83% of the millennial non-homeowners believe student debt has delayed their ability to buy a home.
- The median expected delay in purchasing first home is 7 years; 84% anticipate at least a 3-year delay
- Student debt delaying several other financial and personal milestones, including:
- 86% – Have made career sacrifices
- 41% – Delayed marriage
- 55% – Postponed having children
- 61% – Not adequately saving for retirement
Most concerning to NAR Chief Economist Lawrence Yun is the fact that in addition to not accumulating household wealth through homeownership, many millennials are putting saving for retirement on the backburner. This has huge implications for the long-term financial health of these millennials. Not good.
Do you (or someone you know) fall somewhere along the path of this visual?