Buying a house is a big deal. Not only is it a major financial transaction, it also represents a tremendous responsibility. Because of this, there aren’t too many people that enter the housing market without giving some thought to whether or not it’s the right time for them to buy. So what are some of the top reasons potential buyers give when asked why they might delay their purchase? A recent survey from NeighborWorks America asked and found, for a growing number of buyers, it’s student loan debt. In fact, 30 percent of respondents said they knew someone whose student loans caused them to put off buying a house. That’s a 6 percent increase from two years ago. The survey also found, among people who said they had student loans to pay off, 53 percent said it was an obstacle. Student loan debt is a growing problem for potential buyers and one that may be holding back young adults who may otherwise be active in the market. Rent is another. For many aspiring homeowners, their current rent is too high to put away any meaningful savings toward a down payment. Still, nearly 60 percent of current renters said they hope to one day buy a home. More here.
