The struggle for young Americans to get a place on the U.S. property ladder is intensifying.
Reuters cites a new report by the New York Federal Reserve that found that up to 35% of the recent dramatic decline in homeownership can be attributed to student loan debt.
Student loans now average about $37,000 for graduates of the Class of 2016.
Hefty monthly payments for those loans are preventing many millennials from saving for a down payment on a home and making monthly mortgage payments—freezing them out of the residential home market.
The millennials are either turning into a permanent renter class or boomeranging back to childhood homes to live with mom and dad.
Nearly 45% of people in their early twenties live with their parents, up from 33.5% in 2004, the Fed says.
