The National Association of Realtors® (NAR) today announced the results of its latest home buyers survey, which shows the share of first-time home buyers falling to its lowest point in nearly three decades. Lawrence Yun, chief economist for the NAR, says:
Rising rents and repaying student loan debt makes saving for a downpayment more difficult, especially for young adults who’ve experienced limited job prospects and flat wage growth since entering the workforce.
Student debt isn’t merely an issue for the indebted college graduate (or drop out). It’s an issue for the broader society as well.
About the only ones who are winners in today’s economy are those fortunate enough to own stock (or options) and reap the benefits of the raging bull market–in other words, those with wealth.
Things could be worse. Goodness knows they have been a lot worse in years past. But they could be a helluva lot better, too. In the meantime, watch out for that debt, kiddos. Consider fully the long-term implications of your decision to borrow before signing the promissory note. And consider the lower-cost options that, under all the circumstances, might be the best path forward.
Finding My College 