Young and Smart, But Millennials Face Homebuying Hurdles

October 31, 2013 
mortgage lending news

The percentage of 18-to-32-year olds heading their own households was 34.3 percent this past March, compared to 36.1 percent in 2007, according to a recent Pew survey. And for the first time, the homeownership rate among college graduates was less than that of non-graduates, reports the New York Federal Reserve.

High debt levels and the weak job market have made it more difficult for young Americans to get mortgages; and more grads are returning to their parents' home to live, which limits their ability to build credit histories.

Danielle DeBacker, 24, a clinical researcher coordinator at Georgetown University Medical Center, shares a house in Alexandria, Va., and cannot afford a car. DeBacker owes $80,000 in school loans and does not believe she will be able to buy a home until she is in her mid-30s at the earliest. The homeownership prospects for Millennials could be a drag on the housing market for years to come.

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