Burdened with student loan debt and forced to table life or financial milestones, a majority of young adults wish they had approached college differently, according to a report by Bankrate.com.
As The Houston Chronicle reports, the phenomenon is so well known that Hasbro’s Monopoly for Millennials comes with the tagline: “Forget real estate. You can’t afford it anyway.”
So when Sen. Elizabeth Warren proposed forgiving up to $50,000 of student loan debt per person, Redfin crunched the numbers on how the policy could impact the housing market. Its findings? The average millennial could save up for a mortgage down payment three years sooner.
The analysis looked at homeowners earning the average salary for the 24-44 age bracket with an average level of student debt and assumed that a potential homebuyer spent 10% of his or her income on paying of debt, then began saving the equivalent amount for a mortgage once that debt was repaid. Read the full story.