Rising student debt dampens growth in millennial homeownership

Student debt rose 56% over the last decade, causing reduced homeownership rates among Millennials, the Harvard Joint Center for Housing Studies found.

By Peter Fabris, Contributing Editor | December 17, 2015

Rising student debt that reduces the ability of Millennials to put toward a down payment is a primary factor in reduced homeownership among those between 25 and 34 years old, according to the Harvard Joint Center for Housing Studies.

According to the Institute for College Access and Success’s 10th annual report, average student debt at graduation rose 56% in 2014 to $28,950, up from $18,550 in 2004.

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