Student debt is keeping many Americans from becoming homeowners — and COVID didn’t help

While the pandemic has been economically devastating for many Americans, for some, it hasn’t proved as destructive. Indeed, even when they weren’t receiving stimulus checks, Americans’ credit scores in 2020 rose to their highest level in more than a decade.

Only slightly more than half of student-loan borrowers in a new survey said the pandemic either allowed them to pay off their student debt earlier than originally planned or got them closer to paying it off. Among those surveyed, 46% owned a home. Half of those with student debt who didn’t own a home said their loan obligations were delaying them from buying a home. In fact, renters in the survey were more likely to report defaulting on student loans during the pandemic. Most non-homeowners said that their student debt would delay their plans to become homeowners by anywhere from a few months to eight years, though some 19% said they would be delayed more than eight years in achieving this goal.

For the 46% of student-loan borrowers in the National Association of Realtors’ survey who have not managed to emerge from the pandemic in a better financial status, this lost time could have serious ramifications for their future ability to purchase a home.

How many of those people had a gun to their head when they took the loan out? I’m gonna go out on a limb and say none. Stop making people that took student loans out to be victims. It was 💯 their choice to go in debt.

Usually large loans prevent you from taking on another large loan. This is nothing to sob over.

No one ever owns a home. Go 3 years without paying property taxes and see what happens to your homeownership… 😂

But they were not drugged or conned into signing up for college loans. I’m so sick of these whiners.

Hot Take. Joe Biden won't be re-elected if he doesn't forgive, at the very least, $10k of student loan debt

Well duh 🙄

This is it for me.

The current prices of homes are preventing people from buying homes

No the stupid price it costs to purchase a house. The tax system is set up so rich people can own two or three houses. No tax right offs for 2nd home owners.

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