December 2013 News Letter

 

The economy is stabilizing, and home loan prices are still historically low in many markets across the country. Many are taking advantage of this, and buying new homes. But Millennials (people born in the 1980s and 90s) haven’t joined this home-buying club as quickly as others.
Here are a few reasons why:

1. Student Loans
According to CNN Money, the average amount of student debt for a 2013 grad is $35,000, in government and private loans. A truly frightening number is “$1.1 Trillion,” which is the amount of unpaid student loan debt across the country. Adding a mortgage on top of that is a harrowing undertaking, and something many aren’t willing to risk. 

2. Still At Mom and Dad's
Last year, 10% of women and 17% of men lived with their parents. Many do this just after college or between jobs, because that’s when finances are the most unknown and unstable. Saving is often a luxury, and is put on the back burner.