Millennials In Debt Could Mean Bigger Problems For A Sustainable Housing Market
Millennials are graduating with more student loan debt at increasing rates every year. According to Bloomberg Businessweek, the U.S. student debt has reached 170 percent in a decade, with recent graduates owing $34,000 on average. With wage rates staying pretty much stagnant in recent years, it's becoming harder for students to repay their student loans, while saving up for a downpayment on a home. With millennials struggling, the article argues that it will become harder for baby boomers to downsize their homes in order to fund their retirement, with no one to purchase their homes. Learn more about the domino effect caused by student debt and how it could impact the housing market in the future by clicking on the photo.