College or Homeownership?

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July 14, 2015

It’s no news that for many college-educated Millennials, student debt is a big barrier to homeownership.

Economists at Trulia found out that in some cities, such as Columbia, S.C., El Paso, Texas, and Las Vegas, 25-30 year olds without a college degree will be able to save up for a home much faster than those with college degrees and student debt.

Then there are the markets, mostly in California, where saving for a down payment may take several decades, and having a college degree will help shave off a decade or two for the buyers saving for their downpayments.

In some markets, such as Detroit and Pittsburgh,  having a degree or not doesn’t have much of an effect.

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