The beloved architectural style known as Craftsman has undeniably British roots, yet it’s unmistakably American, from Oregon to Alabama to Illinois. Might that explain its enduring appeal?
Student loan debt: another housing market dampener
John Burns Real Estate Consulting indicated that student loan debt will be another stumbling block for the housing market.
housing market, student debt, mortgage, loan
John Burns Real Estate Consulting indicated that student loan debt will be another stumbling block for the housing market. Faced with mounting student loan debt, poor job prospects and stagnant wages, an increasing amount of 25-to-34-year-olds have moved back in with their parents.
Almost 6 million 25-to-34-year-olds are living with their parents, up 26 percent from when the recession started in 2007. Today's 36.8 percent homeownership rate for 25-to-29-year-olds is at its lowest level since 1999, and homeownership for 30-to-34-year-olds is at its lowest rate in 17 years.
The good news is that this pent-up demand will ultimately provide a much-needed kick-start to the housing sector. The bad news is that the boost will be heavily skewed to the rental market, as it will take longer for this demographic to qualify for a mortgage because of student loan repayments and credit blemishes for unpaid loans.
To see stats and graphs, click here.
More like this
- Rising student debt hampers housing growth
- Student debt may not be the drag on housing we thought it was
- Economists debate whether college debt is responsible for falling home ownership rate
- Today’s cookie-cutter mortgage guidelines are hurting the market’s rebirth
- Parents Are Helping Millennials Enter the Housing Market