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Rapidly Rising Student Debt Keeps Millions from Homeownership

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Rapidly Rising Student Debt Keeps Millions from Homeownership. Student loan payments are holding many Americans back from becoming homeowners by keeping their debt-to-income ratios high. As a result, homeownership rates among 28 to 34 year olds are dwindling, decreasing from 60% in 2007 to 49% in 2020, according to Zillow.

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Young Adults Who Returned Home During the Pandemic Are Now Moving Out

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The share of young adults aged 25 to 34 living at home grew to its highest share recorded since 1960 in 2020, reaching a total of 17.8%. It could have translated into savings, paying down existing debt, and working on their credit score and debt-to-income ratio. In 2022, a smaller but still historically high 15.6%

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Cities Where Buyers Can Afford the Most and Least

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Fri, 11/20/2020 - 09:15. Nearly 67% of Americans are bunkered down by at least one non-mortgage debt. Data compared included median household income in each city, average non-mortgage debt, and median home values. Some big-city dwellers with debt may struggle to afford a home. cbroderick.

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Financial Difficulties Drag U.S. Household Formation Down

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Wed, 12/02/2020 - 10:03. First, massive amounts of savings and equity were lost in the 2008 financial collapse and subsequent foreclosure crisis, impacting the ability of both older generations to retire and younger ones to shield their children from substantial college debt. Financial Difficulties Drag U.S. Household Formation Down.

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Soaring Prices, Waning Supply Hinder First-Time Minority Buyers

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percent in 2019, and from 2019 to 2020, the Black homeownership rate rose from 42.1 In addition, a large share of younger minority buyers are flooding the housing market, but most carry more student loan debt than their White counterparts and lack intergenerational wealth that could help with down payments, The Washington Post reports.

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Household Energy Usage Increases Due to Pandemic, Energy Mortgages May Help

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Thu, 09/10/2020 - 10:00. Although any new purchases or upgrades may cause some to pause based on their current economic situation, energy or “green” mortgages can offer home owners an opportunity to purchase homes that utilize these technologies through mortgages that permit higher debt-to-income ratio requirements. cbroderick.

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First-Time Buyers Persevere in Difficult Housing Market

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They’ve been able to save for a down payment without paying rent and be able to pay down debt,” says Lautz. The typical first-time buyer was 33 and had a median household income of $86,500 in 2020. “That’s given first-time homebuyers a leg up. The lower rates helped to offset higher home prices.

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