Student loan debt will stop 414,000 from buying houses this year

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The number of people under 40 paying $250 or more per month on student loans has tripled since 2005.

October 01, 2014

A new report from Irvine, Calif.-based John Burns Consulting reports $83 million worth of sales a year — about 8 percent of all home sales — don’t materialize because 5.9 million consumers younger than 40 are paying $250 or more per month on student loans. That’s triple the number who had payments that high in 2005, the study says. A monthly $250 loan payment, the report estimates, reduces the debtor’s home borrowing purchasing power by $44,000.

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